Small and medium-sized businesses and NFPs with combined annual sales of less than $50 million and that employ workers will be eligible. Eligibility will generally be based on turnover in the previous year:
- Payment will be made by the ATO in the form of a credit in the activity statement system, as a result of Bilateral Solutions managing and Lodging on time as of April 28, 2020, to employers filing eligible future activity reports. No formalism is to be carried out. Bilateral Solutions Managing with ATO for all clients to get the credit for all future BAS as well.
- Eligible employers who withheld tax from the ATO on the salaries and wages of their employees will receive a payment equal to 100% of the amount withheld, up to a maximum of $50,000 x2.
- If you pay wages and salaries, you will receive a minimum payment of $10,000 x2, even though you are not required to withhold tax.
- All cash flow boosts are tax free, not subject to GST , and not required be paid back when your cash flow improves
Attached is an Excel file that we have set up for you to estimate this stimulus for illustrative purposes only. This file is, of course, a simple simulation, since the final figures will be calculated taking into account the precise situation for each and every client. However, you can simply use it by filling in the yellow cells:
- Eligibility: make sure you are eligible for this help (SME Turnover < 50 M and at least one employee)
- Periodicity: please choose your BAS periodicity (monthly or quarterly)
- PAYG: as the aid is based on 100% of the PAYG withheld, you only need to fill in the average amount of PAYG withheld per month in 2020.
The table below will calculate the amount of aid that should be credited directly to your next DEBT. In case of credit on your BAS, ATO will proceed to a refund of these amounts within 14 days.