Dear Good Tax Accountants (GTA) customers,

 

We inform you updated Cash flow boost for employers in terms of second payment.

 

We previously advised about Cash Flow boost for employers which support for Employers with annual turnover of under $50 million (based on prior year turnover) will receive from $20,000 to $100,000.

Eligible businesses will receive a payment equal to 50 % of PAYG tax withheld from employees’ wages up to $50,000.

 

Eligible businesses that pay wages will receive a minimum of $10,000, even if they are not required to withhold tax.

The payment will be delivered as a credit from 28 April 2020 upon FY 2020 Q3 BAS Lodgment. ATO will deliver the refund within 14 days for any refunded amount.

 

However, based on the updated information, Business will not be eligible to receive any more cash flow boosts until their PAYG withholding exceeds $10,000 over the relevant periods,

Monthly lodgers will receive a credit that is calculated at three times the rate (300 per cent) in the March 2020 activity statement to align with quarterly lodgers.

The total of all initial cash flow boosts across all of the relevant periods cannot exceed the maximum limit of $50,000.

 

Should you have any inquiry regarding above matter, please do not hesitate to contact us.

Thank you.