Boosting Cashflow for Employers
The Boosting Cash Flow for Employers measure will provide up to $100,000 back to business, with a minimum payment of $20,000 for eligible businesses. The payment will provide temporary cash flow support to small and medium businesses that employ staff.
No tricky applications, no eligibility self assesment, no extra reporting required.
This applies to both monthly and quarterly lodgers. The payment will be tax free.
Who: SMEs with turnover less than $50m & employ workers
What: The amount withheld from staff wages – PAYGW.
Round 1 January – June 2020 Minimum $10,000 maximum $50,000
Round 2 July – September 2020 the same amount as round 1 (regardless of PAYG withheld)
How: as a credit to your BAS and/or IAS upon lodgement
The BAS will look the same – the credit will be applied to your account by the ATO in the background, simply short pay by the credit or wait for a refund to land in your bank account!
Contact us or your BAS agent if you need any additional details.