Category news

The ATO sheds some light on the tax impacts of natural disasters. It says that if you are affected by natural disasters, such as bushfires, floods or storms, there is generally no need to worry about your tax affairs right away.

Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that applies to it) may need to be determined where requirements may arise to obtain a tax valuation from the ATO.