Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Retirement

ATO kicks off ‘one-stop shop’ for super and tax

By Grace Ormsby · March 26 2020
Reading:
egg

Retirement

ATO kicks off ‘one-stop shop’ for super and tax

By Grace Ormsby
March 26 2020
Reading:
egg
ATO

ATO kicks off ‘one-stop shop’ for super and tax

author image
By Grace Ormsby · March 26 2020
Reading:
egg
ATO

The Australian Taxation Office has developed a resource for anyone seeking “essential” information about the tax and superannuation changes implemented post-stimulus package.

With the passage of legislation around tax and superannuation through Parliament early this week, the ATO’s commissioner of taxation, Chris Jordan, acknowledged that many people are heavily affected by the challenging economic conditions created by the outbreak of COVID-19. 

He said the ATO is standing by ready to help where it can.

According to the Tax Office, the coronavirus page – which can be found at ato.gov.au/coronavirus – “provides easy-to-understand and detailed information about what people need to know or do in order to get access to the tax or superannuation measures as announced by the government as part of its economic response to COVID-19”.

Some of the measures include the granting of early access to superannuation, the provision of cash flow assistance to employers, an increase to the instant asset write-off and the backing of business investment. 

Advertisement
Advertisement

Mr Jordan noted that each of the measures have different timings, eligibility and processes.

“Some will be applied automatically and others will require an application,” he continued, so he has recommended using the “one-stop shop” to understand what is possible. 

The ATO also indicated a willingness to work with individuals experiencing financial hardship and their tax agents. 

It said it will apply appropriate tax relief measures for serious and exceptional circumstances, “such as where people cannot pay for food or accommodation”. 

“If you’re impacted by COVID-19 and require immediate assistance, contact us to request support on our Emergency Support Infoline 1800 806 218. If you do not require immediate assistance, you can contact us when you’re ready, to discuss your situation,” the tax commissioner said.

ATO kicks off ‘one-stop shop’ for super and tax
ATO
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join the nestegg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Nest Egg.

Read more

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.