Carollo & Co Business Advisors | Mosman Sydney
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Carollo & Co

Boosting cash flow for employers

Celebrating 30 years - 1990 to 2020

Carollo & Co

Boosting cash flow for employers

Boosting cash flow for employers

An increase from the first package, small and medium businesses and not-for-profit (including charities) employers with aggregated annual turnovers of under $50m will be eligible for tax-free payments of up to $100,000 per employer. The first payment (capped at $50,000) will be made after 28th April and the second payment (also capped at $50,000) after 28 July 2020. This is the single largest measure in this package and represents approximately $31.9b.

SMEs with aggregated annual turnovers of under $50m will now receive two payments equal to 100 per cent of their PAYG withheld on salary and wages, with each maximum payment increased from $25,000 under the first package) to $50,000, for a total maximum payment of $100,000.

Eligible businesses that pay salary and wages but are not required to withhold tax will receive a minimum payment of $20,000, up from $2000 in the first package. The payment will be available from 28 April 2020 and, as stated in the previous stimulus update, will be paid as a credit to the business upon lodgement of their activity statements.

The payments are tax free, there will be no new forms and payments will automatically flow through to the ATO.

 

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Carollo & Co | Business Advisors & Accountants | Mosman
Carollo & Co
Suite 2, 20 Clifford Street
Mosman NSW 2088
T 02 9969 1044
Liability limited by a Scheme approved under Professional Standards Legislation.
Carollo & Co | Business Advisors