As part of the Federal Government's Stimulus package, the Boosting Cash Flow for Employers measure will provide up to $100,000 back to business, with a minimum payment of $20,000 for eligible businesses and not for profits.
The payment will provide temporary cash flow support to small and medium businesses that employ staff. The payment will be tax free and the ATO will deliver the payment as a credit to your business upon lodgment of your activity statements. Where this places the business in a refund position, the ATO will deliver the refund within 14 days. You don’t need to apply, the cash flow boost is a tax free payment to employers and is automatically calculated by the Australian Taxation Office (ATO). There are no new forms required.
Dates shown in the results section are when the ATO will credit your account after lodgment of your Business Activity Statement.
The Prosperity team have created a PAYG calculator where you can determine how much the ATO will credit your account based on your PAYGW obligations.
You can use the sliders or type in their PAYG for each quarter or month.
For more information, contact your Prosperity Adviser or email us at mail@prosperity.com.au.
