The Federal Government, in consultation with the banks, insurers and some elements of the financial services industry, has acted to remove some of the red tape and fees and charges likely to affect businesses affected by the floods in Queensland and elsewhere in Australia.
The Government announced last week that it had met with insurance companies to ensure they processed claims in a timely manner, while the major banks had agreed to remove the fees for non-customers withdrawing cash from their ATMs in flood-affected areas during the initial disaster period.
It said the moratorium on the foreign ATM fees would be reviewed within four weeks’ time.
At the same time, the Australian Taxation Office (ATO) has granted businesses in flood-affected areas in Queensland an extension on the time allowed to file their business activity statements for the current quarter.
It is not yet known whether the same arrangements will be applied to individuals and businesses affected by flooding in NSW, Victoria and Tasmania.
