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Australia: Updated FAQs provide tax information for large business (COVID-19)

Australia: Updated FAQs provide tax information

The Australian Taxation Office (ATO) has updated and expanded a list of “frequently asked questions” (FAQs) concerning implications of the coronavirus (COVID-19) for large business.

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The updated FAQs include information on:

  • Filing (lodgement) deferrals
  • Companies with substituted accounting periods
  • Significant global entity (SGE) penalty


Overview of tax relief actions

To address the challenges faced by the community at large, over the past week, federal and state governments in Australia have announced spending stimulus packages and tax relief measures aimed at supporting the community and businesses through some of these challenges. The federal government on 24 March 2020 passed legislation on a number of measures including early access to superannuation, cash-flow assistance to employers, and increasing the instant asset write-off and acceleration of depreciation deductions.

The ATO also made its own announcements regarding administrative measures to assist Australian businesses that are affected by the COVID-19 pandemic. A number of these administrative measures include the ability for those businesses affected by COVID-19 to request deferral of their payment and/or lodgement obligations. However, the ATO has not provided a blanket deferral of either payment or lodgement due dates. Requests for extensions of time will be considered on a facts-and-circumstances basis when requested by a taxpayer.


KPMG observation 

Taxpayers need to note that the relief measures are administrative in nature, and involve the exercise of discretion by the Commissioner of Taxation.  Automatic implementation cannot necessarily be expected. 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

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