Key points: Fed Government cash flow assistance.

Commonwealth Government
Businesses Employing Staff with Turnover less than $50M
Key Points Fact_sheet-Cash_flow_assistance_for_businesses_0.pdf

  • Must be Registered for Pay as you Go (PAYG) Withholding prior to 12/03/2020 and Paying Wages on the March 2020 Activity Statement
  • First payment Minimum of $10,000 and a maximum payment of $50,000, and is based on the PAYG amount withheld.  It will be credited by the ATO automatically upon lodgement of the March 2020 Activity Statement
  • Assuming the business continues to operate, a further payment with exactly the same criteria – credited by the ATO automatically upon lodgement of the April to September 2020 Activity Statements
  • It’s important to make sure your Activity Statements are lodged on time to ensure the stimulus flows to your business. The aggregate of all payments under this measure will not exceed $100,000
  • The ATO will deliver the payment as a credit to the entity upon lodgement of their activity statements. Where this places the entity in a refund position, the ATO will deliver the refund within 14 days from 28/04/2020
  • The payments are tax free

Brad