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Retirement

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

  • March 26 2020
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Retirement

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

By Grace Ormsby
March 26 2020

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

ATO

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

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  • March 26 2020
  • Share

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

ATO

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. 

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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
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About the author

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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.

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.

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