COVID-19 Update - How the Employer's cash flow benefit works
The Federal Government has implemented a plan to boost employer's cash flow to assist during the Coronavirus pandemic. The cash flow benefit will be delivered through the tax system with credits to accounts being provided either:
- Monthly: around the end of each of the following months – April, May, June, July, August, September and October 2020 if you lodge your Activity Statement monthly; or
- Quarterly: at the end of April, July and October if you lodge quarterly.
There will be 2 Cash Flow Boosts. If you lodge monthly the first boost covers the months of March, April, May and June; the second covers the months of June, July, August and September, however, if you lodge quarterly, the first boost covers the quarters ending 31 March and 30 June; the second covers the quarters ending 30 June and 30 September.
Should you require any assistance or have any queries, please don't hesitate to contact our office.
The Money Edge | Bundaberg