SHARON’S SIMPLE SUMS
CASH FLOW ASSISTANCE FOR BUSINESS DEMYSTIFIED
The Government is providing 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.
To assist you all to understand all the information out there I have given three examples.
These fund are only available to active eligible employers established prior to 12 March 2020. Except for Australian Charities and not-for-profit.
Quarterly Lodgement of BAS & PAYG
Example - Employers Reporting Quarterly PAYG of $15,000 (Assume Same Amount for each Quarter)
Monthly Lodgement of BAS & PAYG
Example - Employers Reporting Monthly PAYG of $12,000 (Assume Same Amount for each Quarter)
300% of PAYG = $12,000 x 3 = $36,000
Quarterly Lodgement of BAS & PAYG – Small Payer
Employers Reporting Quarterly PAYG of $0 (Assume Same Amount for each Quarter)
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