The ATO knows that many taxpayers are facing lasting impacts left in the wake of natural disasters.
As such, if they find their records have been lost or destroyed, whether in cyclones, floods or bushfires, the ATO can help.
According to ATO Assistant Commissioner:
“If you have a myGov account linked to the ATO, you’ll be able to view some of your records, including income tax returns, income statements and previous notices of assessments. If you lodge through a registered tax agent, they can also access these documents on your behalf.”
Government agencies, private health funds, financial institutions and businesses provide information to the ATO which is available to tax agents and automatically included in returns by the end of July.
If taxpayers have lost receipts due to a natural disaster, the ATO can accept reasonable claims without evidence, so long as it’s not reasonably possible to access the original documents (although the taxpayer may be required to tell the ATO how they calculated the claim).
Many of our clients like to review their tax position to evaluate any strategies that may be available to legitimately reduce their tax. If you’re one, contact the team at Omnis Group in Subiaco Perth on 08 9380 3555 to book your review today.
Related reading
https://www.omnisgroup.com.au/business-accounting-taxation/2020-21-year-end-checklist-for-business/
