Australia Announces Tax, Penalty Measures for Companies Impacted by Coronavirus
Australia announced a series of measures to support companies impacted by the coronavirus, including delays of penalties and quicker access to refunds of Goods and Services Taxes, according to a March 12 notice. Australia will allow companies to opt in to a monthly GST reporting cycle instead of a quarterly cycle, which will help them receive refunds faster, the notice said. Australia will also remit any interest and penalties relating to tax liabilities, incurred on or after Jan. 23. Australia also said it will be providing support to companies, who should contact the government to “discuss relief options.” The Australian Taxation Office “will work shoulder-to-shoulder with businesses to assist them through this difficult period and do what we can to ease the pressure.”
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Australia also launched a business liaison unit to help companies impacted by coronavirus, according to a March 15 notice. The unit will “engage with peak business groups” to address “systemic issues relating to Coronavirus.” The unit will also provide information for business groups on the government's response to the virus and efforts to provide industry support.