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Tax Relief for Natural Disaster Victims from the ATO

natural disaster

You might think you won’t catch a break when it comes to taxes.

The devasting effects of natural disasters interfere with your daily life and responsibilities. Earlier this year, the North Queensland natural disaster led to flood-wrecked homes and cattle losses amounting to over $1 billion; according to the Insurance Council of Australia.

Here’s important information you need to know when it comes to facing a natural disaster.

What’s a natural disaster?

First off, the ATO defines a natural disaster such as a cyclone, flood, bushfire, or storm. The ATO determines the affected areas by postcodes who receive assistance from the Disaster Recovery Funding Arrangements (DRFA). Any additional postcodes will be added once damage assessments have been finalised.

Click here to view the affected postcodes for the North Queensland disaster.

Otherwise, contact the ATO directly by phoning them at 1800 806 218 if you or your business is affected by a natural disaster outside of the postcodes.

Need more time?

Above all, the ATO knows that taxes are not your priority following a natural disaster. This means that they give you more time to lodge your return, pay, and respond to fulfill your tax obligations for individuals and employers.

For example, they allow the following: Read the rest of this entry »