The economic fallout of the war in the Middle East is affecting everyone, but by working together, we can help to shield small businesses in the Bendigo Electorate from some of the worst impacts.
We’re coordinating action by regulators, industry and the broader community to help Australians doing it tough.
Tax system flexibility
The Albanese Labor Government has announced new measures in the tax system to give people more flexibility.
The ATO will provide temporary relief for businesses unable to meet their tax obligations due to fuel supply issues, where appropriate.
This will include more generous payment plans, remission of interest and penalties, and support in varying PAYG instalments where there has been a downturn in taxable income.
Some compliance actions will also be limited across the worst affected industries, and some debt collection actions may be paused where appropriate.
The ATO will establish a dedicated channel that businesses can use to access these relief provisions, or they can contact their registered tax professional to request access on their behalf.
The ATO will also continue to provide support for individuals experiencing serious financial hardship and will monitor conditions in the lead up to Tax Time.
These are common-sense steps that recognise and respond to the extraordinary circumstances we find ourselves in.
Helping small businesses access credit
We will also help small businesses access easier and faster credit by extending the Small Business Responsible Lending Obligation exemption for a further 10 years.
This will ensure small businesses aren’t slugged with additional regulatory burdens and delays when accessing loans.
This announcement today is in addition to the fuel excise and Heavy Vehicle Road User Charges measures announced yesterday.
The Albanese Labor Government is halving fuel excise to 26.3 cents per litre, about $19 off a standard tank for 3 months starting 1 April.
We’re also cutting the Heavy Vehicle Road User Charge to zero for three months, which is around 27 cents per litre off diesel.
That’s thousands back for operators and helps keep prices down across the board.
QUOTES ATTRIBUTABLE TO FEDERAL MEMBER FOR BENDIGO LISA CHESTERS MP:
“Today, the Albanese Labor Government announced further support and flexibility for local small businesses and sole traders to help them get through this difficult time.
“Local small business owners experiencing financial hardship should reach out to the ATO or their accountant to see what assistance is available for them.
“I would also like to encourage them to reach out to their bank, energy retailer, telecommunication provider, and insurer to see what support is available.”
