ASCA COVID-19 Updates
Individuals
Employees that have had their income affected by coronavirus (COVID-19), they can register their intention to claim a Centrelink payment here.
Businesses
Contact your accountant and/or bookkeeper to help prepare BAS/IAS ready for submission as soon as possible. Your new stimulus package benefits will not flow until you have lodged your QTR 3 BAS (January to March).
The Boosting Cash Flow for Employers measure will provide up to $100,000 back to business, with a minimum payment of $20,000 for eligible businesses and not for profits. The payment will provide temporary cash flow support to small and medium businesses that employ staff. The payment will be tax-free.
The cashback is calculated on 100% of PAYGW of your wages, paid in 2 separate calculation periods:
| Payment Period | Calculation Period | Calculation Method | Benefit |
| Payment 1 | 1 Jan 2020 – 30 June 2020 | 100% of PAYGW | Capped at $50,000 for the period, with a minimum of $10,000 |
| Additional Payment (Payment 2) | 30 June 2020 – 30 September 2020 | Calculated as the total benefit per Payment 1, with cash paid over the BAS/IAS lodgement period between 30 June 2020 and 30 September 2020 | Capped at $50,000 for the period, with a minimum of $10,000 |
Timing
The Boosting Cash Flow for Employers measure will be applied for a limited number of activity statement lodgments. The ATO will deliver the payment as a credit to the business upon lodgment of their activity statements. Where this places the business in a refund position, the ATO will deliver the refund within 14 days.
Tranche 1 – Period 1 January 2020 – 30 June 2020
| Type of lodger | Eligible Period | Lodgement Due Date |
| Quarterly | Quarter 3 (Jan, Feb and March-20) | 28 April 2020 |
| Quarter 4 (April, May and June-20) | 28 July 2020 | |
| Monthly | March 2020 | 21 April 2020 |
| April-20 | 21 May 2020 | |
| May 2020 | 21 June 2020 | |
| June-20 | 21 July 2020 |
Tranche 2 – Additional payment
| Type of lodger | Eligible Period | Lodgement Due Date |
| Quarterly | Quarter 4 (April, May and June 2020) | 28 July 2020 |
| Quarter 1 (July, August and September 2020) | 28 October 2020 | |
| Monthly | June 2020 | 21 July 2020 |
| July 2020 | 21 August 2020 | |
| August 2020 | 21 September 2020 | |
| September 2020 | 21 October 2020 | |
Monthly lodgers will be eligible to receive the payment for the March 2020, April 2020, May 2020 and June 2020 lodgments. To provide a similar treatment to quarterly lodgers, the payment for monthly lodgers will be calculated at three times the rate (150 per cent) in the March 2020 activity statement.
Eligible businesses that withhold less than $10,000 in PAYGW should still lodge and claim their benefit of the minimum $20,000.
The minimum payment will be applied to the business’ first lodgment.
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*This is general information should not be taken as advice. Instead, you should use this information to frame your conversations with your advisors to enable you to maximise your benefits.
