Small and medium sized businesses, with an aggregated turnover of less than $50 million, may be eligible to receive two sets of tax-free cash flow boosts of between $20,000 and $100,000 based on their PAYG withholding obligations.
The payments will be tax-free and flow through automatically from the ATO, with no new forms to be completed. Every entity with a PAYG withholding liability (or entity which makes payments subject to withholding, even if it has no withholding liability) will receive the payment.
The first cash flow boost payment, between $10,000 and $50,000, will be delivered by the ATO as a credit upon lodgement of the activity statements from 28 April 2020.
Quarterly lodgers – period ending March 2020 and June 2020; and
Monthly lodgers – periods of March 2020, April 2020 and May 2020.
Monthly lodgers will receive a credit calculated at three times the rate (300%) in the March 2020 activity statements, to align with quarterly lodgers.