The ATO will automatically remit the next round of Cashflow Boosts when Taxpayers lodge their activity statements for each monthly or quarterly period from June 2020 to September 2020.
The additional amount will be equal to the total amount of initial Cashflow Boosts the Taxpayer has received. The amount will be split evenly between the lodged activity statements. The Cashflow Boost will be remitted as follows:
- Quarterly BAS lodgers: will receive 50% of their total initial Cashflow Boost for each activity statement
- Monthly BAS lodgers: will receive 25% of their total initial Cashflow Boost for each activity statement.
If a Taxpayer has revised their business activity statements after lodgement, it may affect the amount of Cashflow Boost they receive. Taxpayers in such circumstances are able to check their Integrated Client Account Statement for how their account may have been adjusted.
Where a Taxpayer has not made payments to employee’s subject to withholding, they should report ‘0’ for Pay as You Go (PAYG) withholding when lodging their activity statement to ensure they receive the additional Cashflow Boost. It is important to note Taxpayers previously in receipt of Cashflow Boost should not cancel their client’s PAYG withholding registration until they have received the additional Cashflow Boosts.
For further information please email email@example.com.
Date of Issue: 10 June 2020 Author: Noé Vicca
Disclaimer: The contents herein are intended for general information only and should not be construed as legal or accounting advice. Vicca Chartered Accountants Brisbane bears no responsibility for any loss that might occur from reliance on information contained in this publication. Please do not reproduce, transmit or distribute the contents herein in any form without prior permission from Vicca Chartered Accountants, Taxation Accountants Brisbane Australia.