SUPPORT FOR BUSINESSES
Boosting Cash Flow for Employers
This temporary cashflow measure provides up to $100,000 tax free to employers (with a minimum payment of $20,000) to eligible small and medium sized businesses (including not for profits). Businesses that employ workers and have a turnover of less than $50 million will be eligible.
The payment will be facilitated through a credit on the business’ activity statements from 28 April 2020. Eligible employers that withhold tax to the ATO on their employee’s wages will receive a credit of 100% of the tax withheld up to a maximum of $50,000, with a minimum of $10,000.
The same will apply to the July – October period, making up the total of $20,000 to $100,000 credit.
Where this credit places the employer in a refund position, the ATO will deliver the refund within 14 days.
Supporting apprentices and trainees
Eligible employers can apply for a wage subsidy of 50% of the apprentice or trainees’ wages (up to $21,000) for 9 months from 1st January 2020 to 30th September 2020.