Corporate Tax PAYG Concessions are available to small and medium businesses in March 2020 BAS.
Business Taxpayers with PAYG instalments are entitled to:
1.Vary the PAYG instalment amounts to zero from the March 2020 quarter; and
2. Claim a refund for any instalments made for the September 2019 and December 2019 quarters.
The ATO have advised to:
- Manually vary the PAYG instalment for the March 2020 quarter to $0;
- Provide the reason on the BAS: “significant change in trading conditions”;
- Claim a 5B credit to refund the instalments paid for the September and December quarters – that is manually enter the amount at 5B.
This does not change the net liability and is a Cashflow benefit only.
Large Businesses are encouraged to contact the ATO.