*Press release for a property insurance company.
The recent bush fires across the country are immediate reminders of the devastation inflicted on people’s properties. It can mean the direct loss of income to individuals affected. It can likewise show damage in workplaces, tools of the trade, vehicles and daily work essentials like computers and other devices primary to run daily earning tasks. When natural disasters such as bushfires, floods, and storms hit you, the Tax Office says you need not worry right away. It allows you time to attend to your immediate problems first. It enables you to sort your tax affairs later on.
What to expect from our service?
More time to apply, pay and respond
The tax office also advises that you can put your tax obligations aside while you attend or help others deal with the disaster. It lets you settle tax debts, file tax returns, send activity statements or relay any communications pertaining to your taxes later on. Similarly, it works for you; the business owner to lodge the superannuation guarantee charge (SGC) statement at a later time. However, the SGC and the nominal interest continues to accrue. On the same token, if you are paying your tax by installment, the Tax Office allows you to vary your payment under the PAYWG installment system.
Prompt access to your money
The Tax Office can further extend assistance in making your tax refund given a top priority. You may receive your refund early. With you applying for special considerations, it may help you access your superannuation early.
In natural disasters, it is expected that you may receive benefits from government authorities, charitable institutions, employers, trade unions or other sources. A lot of the assistance payment are tax-free, but the regular Centrelink payments are still taxable. The Tax Office is also at your disposal in times like this.
With properties totally destroyed after the natural disasters, you may receive an insurance payment depending on how the property is evaluated for tax purposes. If the property is income-producing, repairs are normally tax-deductible in the year they were done. It is also dependent on the work you have provided whether it is an ordinary repair or total replacement of the structure. The Tax Office reminds you to communicate with them for guidance.
Restoring your tax records
If you are an individual, business, or o one responsible for a self-managed superannuation fund, get to the Tax office for help. It offers assistance when you need to reconstruct tax records and make relevant estimates when needed.
Tax Credits for fuel
You may need to restore electricity wit petrol or diesel in the aftermath of disasters for domestic use. It may qualify you for fuel tax credits. Similarly, if you are a business owner registered for goods and services (GST), you can claim credits for fuel use registered to run business machinery, plant equipment, and heavy vehicles. Non-profit organizations not registered for GST may claim fuel credits for emergency vehicles, and vessels operated in an emergency.
Photo:Emeraldhost ( all rights reserved to the originalowners).