Tax breaks for flood victims

Finance Minister Magnus Brunner (ÖVP) pointed this out on Thursday. Costs for eliminating catastrophe damage caused by floods and landslides as well as repair and sanitation costs for cars, PCs, clothing or crockery are tax deductible. Injured parties can also claim extensions of deadlines and eased payments.

Those affected are exempt from certain fees and administrative charges. These include fees for reissuing a passport, driver’s license, car registration or building permits. If your home or car was damaged, the fee for a new rental or leasing contract will also be waived. Fees already paid can be refunded. When buying a replacement property, the real estate transfer tax does not apply.

It is also possible to extend deadlines

Those affected can also apply for the extension of deadlines for filing tax returns. Deadlines for complaints can also be extended. In the case of tax payments and tax prepayments, deferrals, installment payments or the adjustment of installment payments can be requested. In addition, late payment penalties and advance payments can be reduced upon request. Companies with flood damage can, among other things, write off the replacement procurement of fixed assets more quickly. Volunteers, in turn, can deduct their donations for disaster relief to beneficiary organizations such as voluntary fire brigades.

Finance Minister Brunner explained in a broadcast that tax law could offer noticeable relief in the event of natural disasters. The Ministry of Finance is doing everything possible to meet the financial and organizational challenges that such catastrophes entail and to stand by the people in this difficult situation. “The federal government or the disaster fund reimburses the federal states for 60 percent of the aid money that the state pays out to the victims. It is also clear that if the resources in the disaster fund are not sufficient due to unusual storms, the federal government can top up the allocation to the disaster fund if necessary,” he said Bruner.