Your business might be eligible for support.
As a result of the Coronavirus outbreak, the Australian Government has recently announced an economic response totalling $17.6 billion. This response aims to support Australian businesses in the following key areas:
- Cash flow assistance for businesses
- Support for business investments
We have included information below on the types of support available, eligibility criteria and expected support time-frames.
Cash Flow Assistance for Businesses
Assistance will be provided to help businesses manage their cash flow and retain employees through two measures:
1. Boosting Cash Flow for Employers
What is it?
Eligible businesses will receive up to $25,000 tax free, with a minimum payment of $2,000.
Who is eligible?
Small and medium business entities with employees and aggregated annual turnover of under $50 million (based on prior year turnover).
Eligible businesses that withhold tax to the ATO on their employees salary and wages will receive a payment equal to 50% of the amount withheld (maximum payment of $25,000).
Eligible businesses that pay salary and wages will receive a minimum payment of $2,000, even if they are not required to withhold tax.
When will it be received?
The payment will be delivered by the Australian Taxation Office (ATO) as a credit in the Activity Statement system from 28 April 2020, upon businesses lodging eligible upcoming activity statements.