Tax issues associated with a natural disaster
Content Summary
A common issue businesses face following a disaster is keeping up to date with tax lodgement and payment obligations. Other potential issues include the tax treatment of insurance payouts and insurers replacing old assets with new. You should be able to access information on the tax issues associated with a disaster from the relevant authority such as the Australian Taxation Office (ATO).
In Australia, the ATO has a range of information on tax issues associated with a disaster. This includes deferring lodgement of tax returns, delaying payment of outstanding tax debt and their interpretation of the technical issues such as the tax treatment of insurance payouts. The ATO website has further details on dealing with disasters and insurance payouts. Your accountant should also be able to guide and support you with this.
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