Economic response to the coronavirus
The Government has increased its stimulus package to businesses and not-for-profits that have employees.
State School P&Cs will qualify if they had employees at the 12th March 2020.
The most recent announcement states that you will now receive 100% cash flow boost to cover the PAYG withholding from employees’ wages up to a maximum of $100,000 and a minimum of $20,000.
To access this money, all you need to do is lodge your quarterly BAS or monthly IAS as per usual to receive these payments.
The Government will use the information reported on your BAS/IAS at the PAYG withholding section to calculate your payment.
Please click HERE to access a factsheet issued by the Government which gives greater details on the cash flow assistance.
This package will no doubt be very beneficial to the continued operation of your P&C that will be impacted in some way by COVID-19.