Did you know your business may be able to obtain temporary cash flow support (the cash flow boost) of $20,000 – $100,000, simply by lodging your business activity statements up to the month or quarter of September 2020?
Whats the aim?
The aim of the temporary cash flow boost is to support small and medium businesses and not-for-profit organisations during the economic downturn associated with the COVID-19 pandemic.
The boosts are being delivered as credits on your activity statement and are generally equivalent to the amount you will have withheld from wages paid to employees for each monthly or quarterly period from March to June 2020. In practice, this means you keep the amounts you have withheld from payments for these periods.
An additional cash flow boost will be applied when activity statements for each monthly or quarterly period from June to September 2020 are lodged. These credits will be equal to the total boosts credited for March to June 2020 and will be paid in two or four instalments, depending on your reporting cycle.
Are you eligible?
To be eligible for the temporary cash flow boost, your business must have an aggregated annual turnover less than $50 million and an Australian business number (ABN) as of 12 March 2020.
Additionally, you will have paid wages or other payments to employees of which withholding is required (even if nothing was withheld). And, on or prior to 12 March 2020, you will have submitted at least one of the following: A 2018-2019 income tax return which displays amounts related to carrying out a business and assessable turnover, a GST return or an activity statement for any tax period after the 1 July, 2018, which shows you made sales of either a GST-free, taxable or input taxed sale.
Special eligibility has ensured cash flow boosts are also available for:
- Businesses with ‘related parties’ or that are part of a group,
- Businesses which have more than one branch, and
- Entities which are not required to be registered for GST.
Assistance for Business Success
At the Ayers Group we can help your business grow and succeed in uncertain times.
Our professional services range from managing administrative and financial arrangements for contractors through to providing organisations like yours with tailored back office payroll and migration solutions. Additionally, we can connect you to a network of business experts, including accountants, to provide you with tailored advice on how you can access the cash flow boost and other assistance available during the COVID-19 pandemic.
Call on an expert from the Ayers Group today to find out more about how we can provide the resources you need, and free you up for growth and success.
Ayers Can Help You Find a Solution.
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