Legislation has passed to provide temporary cash flow support to small and medium businesses and not-for-profit organisations
This legislation applies to small and medium businesses and not-for-profit organisations that:
- employ staff
- have been affected by the economic downturn associated with COVID-19 (novel coronavirus).
Eligible businesses and not-for-profit (NFP) organisations will receive between $20,000 to $100,000 in cash flow boost amounts by lodging their activity statements up to the month or quarter of September 2020.
The cash flow boosts will be delivered as credits in the activity statement system, and will generally be equivalent to the amount withheld from wages paid to employees for each monthly or quarterly period from March to June 2020.
If you lodge your BAS quarterly, you will be eligible to receive the credit for the March 2020 quarter by 28 April 2020. If you lodge your BAS monthly you will be eligible to receive the credit for March 2020 activity statement by 21 April 2020.
The ATO is asking businesses to be patient if they have not yet received their cashflow boost stimulus.
Concerned about your eligibility for a ‘cashflow boost’ payment?
There are a number of factors which may deem your business as ineligible for the stimulus such as where the businesses may not have existed for longer than 12 months, if there is inadequate GST history, or where a prior tax return has not been lodged as well as other circumstances.
However, alternate methods for proving eligibility are available and we are able to assist in determining if these methods can be used for your business. We have been in contact with the ATO and have put in place a process to remove these roadblocks and get you the stimulus payment you are entitled to.
In following this procedure, information will be required to be supplied to the ATO in order to process the stimulus payment to each relevant business.
Want to know more?
Due to the complexities and various processes required, we strongly recommend you contact us to assist in providing the ATO with the information required to have your cashflow boost payment processed as quickly as possible. Do not hesitate to contact us on (07) 3512 8888.
Get in contact with our trusted advisors today!