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Natural Disasters & Tax

The recent flood in South East Queensland and NSW has left us all overwhelmed and unprepared. Many lost their houses, vehicles, and so much more, and the last thing people might think of is their due or overdue tax.

How does the ATO support those who have been affected by natural disasters?

  • In case of financial hardship due to natural disasters, the ATO might give you extra time to lodge and pay your taxes.
  • If your income tax statements or other documents are lost because of the disaster, ask for a copy from your tax practitioner: they usually keep a record of everything.
  • If you have lost your expenses receipts, the ATO will accept the claims without further questions, unless there are other ways you could prove your expenses (e.g. bank transactions).
  • You might be also eligible for tax extensions as a result of the disaster. Talk to your tax practitioner for more clarification.

Bookkeepers & Tax Practitioners can help you find ways to recover quickly and still be compliant with all ATO requirements. Reach out for help.

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