The ATO has a variety of measures in place to help drought-affected taxpayers in financial hardship to manage their tax.
The ATO assistance includes:
- More time to pay.
- Waiving penalties or interest charged at a time you were affected by drought.
- Payment plans with interest-free
- Adjusting pay as you go (PAYG) instalments to better suit your circumstances.
- Tax incentives for primary producers.
- Prioritising the paying of any income tax or activity refunds due.
- Releasing you from paying taxes (if the paying of the taxes would cause financial hardship).
To access the ATO assistance, drought affected taxpayers need to lodge all activity statements and tax returns by the due date even if they can’t pay.