In joint media release No 2010/151, issued 8 July 2010, the Minister for Small Business, Independent Contractors and the Service Economy, Craig Emerson, and the Assistant Treasurer, Senator Nick Sherry, welcomed the announcement by the Commissioner of Taxation, Michael D'Ascenzo, that the ATO will extend the Small Business Assistance Package for a further year.
The extension of the Small Business Assistance Package will mean that eligible businesses with a turnover of $2 million or less will continue to have access to:
- a twelve month general interest charge free payment arrangement with the ATO, and
- a deferral of activity statement payment due dates.
The revenue cost of extending these measures is approximately $55 million in the 2010-11 financial year.