Tax issues associated with a natural disaster

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Disaster recovery toolkit


A common issue that businesses face is the tax consequences associated with a disaster, such as the tax treatment of insurance payments, including your insurer replacing old assets with new, as well as tax lodgement and payment obligations. You should be able to access information on the tax issues associated with a disaster from the relevant authority such as the ATO.

In Australia, the ATO has a range of information on Australian taxation issues associated with a disaster, including deferment of lodgement of tax returns and payment of outstanding tax debt, and their interpretation of the tax treatment of issues such as insurance pay-outs. Information can be found via the ATO website and searching the terms 'natural disaster' and 'insurance payouts'. Your accountant should also be able to guide and support you on this.