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[av_heading heading=’Boosting cash flow for employers’ tag=’h2′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’4vw’ subheading_active=’subheading_below’ subheading_size=’20’ margin=’0′ margin_sync=’true’ padding=’0′ color=’custom-color-heading’ custom_font=’#000000′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-k8fo2gja’ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’]
-A digest of the recent stimulation budget
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Legislation has been enacted to provide temporary cash flow support to small and medium businesses and not-for-profit organisations that employ staff during the economic downturn associated with COVID-19 (novel coronavirus). This will be done through two sets of cash flow boosts delivered from 28 April 2020 to support employers to retain employees.

The ATO will provide tax-free cash flow boosts of between $20,000 and $100,000 to eligible businesses, delivered through credits in the activity statement system, when eligible businesses lodge their activity statements.

You must lodge your activity statement to receive the cash flow boost.
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[av_heading heading=’Overview’ tag=’h2′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’30’ subheading_active=” subheading_size=’15’ margin=’25,,,’ padding=’10’ color=’custom-color-heading’ custom_font=’#000000′ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-28zf50′][/av_heading]

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For the most up to date information, regularly check back to the COVID-19 page, as it is the best place to get information relevant to you.

If you are eligible, you do not need to separately apply and upon lodgment of your activity statement, your first amount will automatically be credited to your account but no earlier than 28 April 2020.

The cash flow boosts will be made from the Government’s announced date of 28 April 2020. If you lodge early, you will not receive the cash flow boost before this date.

Eligible businesses, including not-for-profit organisations, must have held an ABN on 12 March 2020 and lodge your activity statement to receive the credit. Charities registered with the Australian Charities and Not-for-profits Commission are eligible, regardless of when they were registered, if they meet the other eligibility requirements.
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You will be eligible to receive the cash flow boost if you are a small or medium business entity, including not-for-profit organisations, sole traders, partnership, company or trust that:

Eligible payments include:

In addition, you must also have either:

The ATO will generally determine whether you are a small or medium business entity based on your most recent income tax assessment for a prior year. However, where you do not have any income tax assessments for prior years, you may still be eligible if they are satisfied, based on other information we hold, that you are in business and would have an aggregated annual turnover under $50 million.

The ATO may also give you further time to provide notice that business income or supplies were made. This will generally be the case where you have a lodgment deferral in place. If you did not have a lodgment deferral in place, you will not become eligible if you lodge or amend returns for those periods now.

Eligibility for additional cash flow boosts

All eligible entities that received initial cash flow boosts may be entitled to additional cash flow boosts.

Not for profit organisations including charities

To be eligible, not-for-profit organisations (excluding charities) must have all of the following:

Charities registered with the Australian Charities and Not-for-profits Commission are eligible, regardless of when they were registered, if they meet the other eligibility requirements.

The ATO will use the aggregated annual turnover in the most recent previous year’s tax return to determine eligibility.

If a not-for-profit organisation or charity is not required to lodge a tax return, they may still be eligible if we are satisfied, based on information available, that their aggregated annual turnover is under $50 million.

Timing

Initial cash flow boost

The initial cash flow boosts will be delivered as credits in the activity statement system from the Government’s announced date of 28 April 2020. If you lodge early, you will not receive the cash flow boost before this date.

If you lodge:

Lodgment deferrals

As the cash flow boost is generated on lodgment of an eligible activity statement, if a lodgment deferral has been granted by the ATO, the cash flow boost will generally be made at the time of the deferred lodgment. This ensures that eligible entities that have received deferrals, for example, due to recent natural disasters, do not miss out on the payment or have to forgo their extended time to lodge to qualify.

However, you may choose to lodge before the deferred due date (but only on or after 28 April 2020) in order to access the cash flow boost earlier, for example, if you are expecting GST refunds.

To be entitled to the cash flow boost, eligible entities need to lodge the relevant activity statements within two years of when the activity statements were due to be lodged. This ensures that the Boosting Cash Flow for Employers measure is targeted at helping employers during the period affected by COVID-19.

Additional cash flow boost

Eligible entities who received initial cash flow boosts will receive additional cash flow boosts, for the periods June to September 2020, equal to the total amount of initial cash flow boosts received. This will be delivered in either two or four instalments depending on your reporting period.

Calculating the cash flow boost

Initial cash flow boost

Your initial cash flow boost is based on the amount of your PAYG withholding.

Eligible businesses that withhold tax on their employees’ salary and wages will receive a credit equal to 100% of the amount withheld, up to a maximum of $50,000. The minimum credit will be $10,000, even if the amount required to be withheld is zero. However you will not be eligible to receive any more cash flow boosts until your 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.

Example – PAYG Withholding is less than $10,000 in first period

Tim owns and runs a small paper delivery business in Melbourne, and employs two casual employees who each earn $10,000 per year. In the March 2020 quarterly activity statement, Tim reports wages paid at W1 and $0 at W2 for his employees as they are under the tax-free threshold.

The March 2020 quarter is the first period Tim is eligible for an initial cash flow boost. His withholding of $0 is less than $10,000 so Tim’s initial cash flow boost will be the minimum amount $10,000.

Tim will not receive any further initial cash flow boosts unless his withholding in the June 2020 quarter is greater than $10,000.

Example – Total cash flow boosts reaches maximum limit of $50,000

Sarah owns and runs a building business in South Australia and employs 8 construction workers on average full-time weekly earnings who each earn $89,730 per year. In the months of March, April, May and June for the 2019–20 income year, Sarah reports wages paid at W1 and withholding of $15,008 for her employees at W2 on each activity statement.

For March 2020, Sarah’s initial cash flow boost is three times her withholding (W2). This equates to $45,024 ($15,008*3). As this amount is greater than $10,000, Sarah will receive a cash flow boost of $45,024.

For April 2020, Sarah’s withholding is $15,008, however there is only $4,976 of initial cash flow boosts remaining before she reaches the $50,000 limit. She will receive a further initial cash flow boost of $4,976.

Sarah will not receive any further initial cash flow boosts after she has reached the $50,000 limit.

Additional cash flow boost

The amount of additional cash flow boosts you are entitled to is based on the value of initial cash flow boosts you received.

If you lodge quarterly business activity statements you will receive 50% of your total initial cash flow boosts for each activity statement.

If you lodge monthly business activity statements you will receive 25% of your total initial cash flow boosts for each activity statement.

Example – quarterly activity statement

Tim received initial cash flow boosts of $10,000. When Tim lodges his June and September 2020 quarterly business activity statements he will receive additional cash flow boosts as follows:

  • $5,000 for quarter ended June 2020,
  • $5,000 for quarter ended September 2020
Example – monthly activity statement

Sarah received the maximum initial cash flow boosts of $50,000. When Sarah lodges her June to September 2020 business activity statements she will receive additional cash flow boots as follows:

  • June 2020, $12,500
  • July 2020, $12,500
  • August 2020, $12,500
  • September 2020, $12,500

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You do not need to apply for the cash flow boosts. If you are eligible, the cash flow boosts will be automatically applied to your account when you lodge your activity statement for the relevant periods.

To access the cash flow boost, you must lodge your activity statement. If you do not need to lodge an activity statement in respect of your PAYG withholding the ATO are working through a solution and will update on their website with more information on what you need to do.

The cash flow boosts will be applied to reduce liabilities arising from the same activity statement. This will result in eligible entities being required to pay less to the ATO.

Generally where a credit exceeds your other tax liabilities, the ATO will provide you with a refund of the excess amount. Where a credit exceeds your other tax liabilities, they will provide you with a refund of the excess amount.

You may also receive a refund if you overpay your activity statement because your system was unable to take the cash flow boost into consideration when working out how much was payable.

If you are placed in a refund position, the ATO will generally deliver the refund within 14 days.

Example – overpaying activity statement

Your software calculates that your liability for the quarterly March 2020 activity statement is $12,500 (without taking into account any initial cash flow boost you may be entitled to), which you pay immediately. The ATO calculates that you are entitled to an initial cash flow boost of $10,000 meaning you overpaid the March 2020 quarterly activity statement by $10,000. Generally the overpayment of $10,000 will be refunded to you.

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All cash flow boosts are tax free (non-assessable non-exempt income) and are not required to be paid back when your cash flow improves. However, if you have been paid more cash flow boosts than you are entitled to, you will be required to repay the excess.

The boost is not subject to GST as you are not making or agreeing to make a supply for the payment.

You will still be entitled to a deduction for PAYG withholding paid.

There is no effect on tax paid by employees in respect of their salary and wages.
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[av_heading heading=’Schemes’ tag=’h2′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’30’ subheading_active=” subheading_size=’15’ margin=’25,,,’ padding=’10’ color=’custom-color-heading’ custom_font=’#000000′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-k8fmvojb’ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

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You will not be eligible for cash flow boosts if you (or a representative) have entered into or carried out a scheme for the purpose of:

This may include restructuring your business or the way you usually pay your workers to fall within the eligibility criteria, as well as increasing wages paid in a particular month to maximise the cash flow boost amount.

Any sudden changes to the characterisation of payments made may cause the ATO to investigate whether the payments are in fact wages. If the payments are wages, the ATO may consider the characterisation of past payments, including whether they should have been subject to PAYGW and whether super guarantee contributions should have been made. You may also have FBT obligations that have not yet been met.
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For more information please visit the ATO website herein https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Boosting-cash-flow-for-employers/
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Disclaimer: The Content provided herein has been prepared for informational purposes only. The Content does not constitute tax, legal or accounting advice and should not be relied upon as such. You should seek tax, legal or accounting advice before acting or relying on any Content.
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[av_heading heading=’Your Future Starts Here’ tag=’h4′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’27’ subheading_active=’subheading_below’ subheading_size=’15’ margin=” padding=’30’ color=’custom-color-heading’ custom_font=’#000000′ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-72lf50′]
Using our expertise to achieve your financial goals!
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