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Coronavirus Update

CASH FLOW ASSISTANCE FOR BUSINESS

 

Australian Government Economic Response to the Coronavirus

· Cash Flow Assistance,Coronavirus,Government Response,Business Assistance

SHARON’S SIMPLE SUMS

CASH FLOW ASSISTANCE FOR BUSINESS DEMYSTIFIED

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)

  1. Cash Flow for Business – Maximum $50,000
  • March BAS – Credit to your BAS Account of 100% of PAYG = $15,000
  • June BAS – Credit to your BAS Account of 100% of PAYG = $15,000
  1. Additional Payment – 100% of first two payments $30,000 in two Payment
  • June BAS– Credit to your BAS Account of 50% of Cash Flow Payment = $15,000 plus the first Cash Flow Bonus = total $15,000
  • September BAS – Credit to your BAS Account of 50% of Cash Flow Payment = $15,000

Monthly Lodgement of BAS & PAYG

Example - Employers Reporting Monthly PAYG of $12,000 (Assume Same Amount for each Quarter)

  1. Cash Flow for Business – Maximum $50,000
  • March BAS – Credit to your BAS Account of 3 Times March PAYG

300% of PAYG = $12,000 x 3 = $36,000

  • April IAS – Credit to your BAS Account of 100% of IAS Instalment $12,000
  • May IAS – Credit to your BAS Account of Balance of $50,000 Cap $50,000 – 36000 – 12,000 = $2000
  1. Additional Payment – 100% of first two payments $50,000 – Paid in Four Instalments
  • June BAS – Credit to your BAS Account of 25% of Cash Flow Payment = $12,500
  • July IAS – Credit to your BAS Account of 25% of Cash Flow Payment  = $12,500
  • August IAS – Credit to your BAS Account of 25% of Cash Flow Payment = $12,500
  • September IAS – Credit to your BAS Account of 25% of Cash Flow Payment = $12,500

Quarterly Lodgement of BAS & PAYG – Small Payer

Employers Reporting Quarterly PAYG of $0 (Assume Same Amount for each Quarter)

  1. Cash Flow for Business – $10,000
  • March BAS – Credit to your BAS Account of fixed amount of $10,000
  1. Additional Payment – 100% of first Payment of $10,000 – Paid in Two Instalments
  • June BAS – Credit to your BAS Account of 50% Cash Flow Instalment = $5,000
  • September BAS – Credit to your BAS Account of 50% Cash Flow Instalment - $5,000
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