People affected by storms in recent weeks can claim tax relief. Finance Minister Magnus Brunner (ÖVP) indicated this on Thursday. Costs for repairing disaster damage caused by floods and landslides, as well as repair and renovation costs for cars, computers, clothing or tableware are tax deductible. Injured parties can also claim term extensions and remission of payments.
Those affected are exempt from certain fees and administrative costs. These include costs for reissuing passports, driver’s licenses, car registrations or building permits. If the apartment or car is damaged, the compensation for a new rental or lease contract will also lapse.
You do not pay transfer tax when purchasing a replacement home
Fees already paid can be refunded. You do not pay transfer tax when purchasing a replacement home.
Extensions of deadlines are also possible
Data subjects can also request an extension of the deadlines for filing tax returns. The time limits for complaints can also be extended. For tax payments and tax advances, a deferral, installment payment or adjustment of installment payments can be requested. In addition, late payment and advance fees can be reduced upon request.
Businesses with flood damage can, among other things, accelerate the depreciation of replacement capital goods. Helpers, in turn, can tax-deduct their disaster relief donations to beneficiary organizations such as volunteer fire departments.
Tax law can provide noticeable relief in the event of natural disasters, says Finance Minister Brunner in a press release. The Ministry of Finance is doing everything it can to cope as best as possible with the financial and organizational challenges that such disasters entail and to support people in this difficult situation.
Source: Krone
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