Explanation of cash flow assistance for businesses

On 22 March 2020 the Federal Government announced that it would provide a tax free payment of up to $100,000 for eligible small and medium sized businesses that employ workers who withhold Pay As You Go (PAYG) tax from salary and wages.

Equivalent relief will also be provided to eligible not-for-profit entities (including charities) who employ staff.

This announcement has been subsequently legislated as the Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020 which received Royal Assent on 24 March 2020.

Broadly, to be eligible a business entity’s prior year aggregated annual turnover must be less than $50 million, and the entity must have an ABN and derived assessable income from carrying on a business or after 1 July 2018 and before 12 March 2020.

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