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Coronavirus - Support for businesses in the form of cash flow assistance

The Government's economic response is aimed at helping businesses manage their short term cash flow by helping to "boost cash flow" with payments to eligible businesses and help in supporting apprentices and trainees.

Boosting Cash Flow for Employers

The Government is providing up to $100,000 to eligible businesses that employee people, with the minimum payment of $20,000.

+ Turnover must be less than $50m

+ To be eligible, a businesses must employ workers

+ Payment will be made in 2 tranches, the initial payment taking place between April and June with an additional payment being made between July and October

+ An initial payment will be made of up to 100% of the PAYG withheld from salary/wages, with the minimum payment being $10,000 and the maximum payment capped at $50,000

+ An additional payment will be made in the July to October period, with the payment being an amount equal to the initial payment (paid in equal instalments)

+ The payments are tax free

 

In order to access the Cash Flow Boost, provided you have lodged your 2018/19 Income Tax Return or an Activity Statement before 12th March 2020, you do not need to apply. You will not receive the cash flow boost before 21st April 2020 even if you lodge early.

 

For the Fact Sheet from Treasury, click here.

The ATO is constantly updating information on this measure and more information is available by clicking here.

 

Supporting Apprentices and Trainees

In an effort to help businesses retain their apprentices and trainees, eligible employers can apply for a wage subsidy.

+ The subsidy will be 50% of the wages paid during 9 months from 1st January 2020 to 30th September 2020

+ The maximum reimbursement will be $21,000 ($7,000 per quarter) per apprentice/trainee

+ Eligible businesses must have less than 20 full time employees who retain an apprentice/trainee

+ Apprentice/trainee must have been in training with the small business as at 1st March 2020

+ An eligiblity assessment is undertaken by the Australian Apprenticeship Support Network (AASN)

+ Registration commences early April 2020

+ Final claim for payment must be lodged before 31st December 2020

 

For more information, click here.

 

We are here to help you. Please contact our office if you need any assistance!

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Recent Updates

07 April 2020
New working from home tax deduction ATO announces short cut method for claiming home office running costs The Australian Taxation Office ('ATO') has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Refer to t... More detail
07 April 2020
Coronavirus - Latest News New Working from Home Deduction + The ATO is announcing special arrangements this year due to COVID-19 to make it easier for people to claim a tax deduction when they are working from home. + The new arrangement will allow people to claim a rate of 80c per hour (commencing 1st March 2020) for all their running expenses, rather than needing to calculate costs for specific running expenses. + You... More detail
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  • Up-To-Date Accounting Services
  • PO Box 6161
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  • Up-To-Date Accounting Services
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  • East Perth WA 6004
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  • Email admin@up-to-date.com.au