M & C Accountants comments
31 March 2020 signified the end of the March 2020 quarter and also the start of Cashflow Boost payments from the Government, with the first round of payments to start from 28 April 2020.
Payments can only be made where March 2020 Activity Statements have been lodged, so if your accounts aren't up to date contact us as we currently have the capacity to assist.
The Cashflow Boost is part of the Federal Governments stimulus packages to support small business in retaining staff during COVID-19.
The diagrams below show the timing of payments to assist your business manage cashflow.
If your business is a registered employer and meets the eligibility requirements, but pays minimal wages and is not required to withhold tax from wages, your business is still entitled to $20,000 in Cashflow Boost payments from the Australian Government and it will be paid to you as illustrated above.
Businesses that prepare quarterly Activity Statements and report Gross Wages and PAYG Withheld on their Activity Statement will also receives payments on the same timeline as above. The amount received will be equal to PAYG paid up to a maximum of $100,000. The diagram below illustrates how payments work work for a small business employer who is under the $100k cap.
What about Monthly Activity Statement lodgers. When will their payments be issued?
We have also created the diagram below to show the timing of Cashflow payments for monthly Activity Statement lodgers.
Please email us on info@mcaccountants.com.au or call Carmel directly if you have any queries.