Cash flow boost for businesses in response to Covid-19 outbreak
When the Corona virus pandemic started impacting the Australian business and economic sector, and the majority of businesses were told by the Government to alter or close down their trading operation for the time being, many businesses faced the prospect of financial meltdown.
The Federal Government introduced several cash flow assistance packages for businesses in March.
One of those packages was the Cash Flow Boost. Businesses with an aggregated annual turnover of less than $50 million, and that paid wages in the recent March quarter are eligible.
Eligible businesses will receive a minimum of $10,000, or a full refund of PAYG withheld from wages up to the maximum of $50,000, once their March 2020 Business Activity Statement is lodged.
This amount will be credited to the Activity Statement Account balance, with any residual amount refunded back to the business, if the March BAS liability was less than $10,000.
A similar Cash Flow Boost package will be available for the same aforementioned amounts, when the June and September 2020 Activity Statements are lodged. The payments will be delivered in either two or four instalments, depending on the BAS reporting cycle (monthly or quarterly).
For more specific information with respect to your own circumstances please contact us.