- The Federal Government has announced cash payments to employers to assist with the cost of salary and wages. Eligible businesses are those that employ staff and have a turnover of less than $50 million. Such businesses, whether companies, trusts, partnerships or sole traders can receive payments between $2,000 and a maximum of $50,000. The receipt of the amount will be tax-free to the employer.
- The amount of the payment is to be 100% of the PAYG withheld from salary and wages as reported on the employer’s Business Activity Statement (BAS) or Instalment Activity Statement (IAS) over the 6-month period from 1 January 2020 to 30 June 2020. Smaller employers who may withhold minor amounts or none at all (e.g. employs staff who earn below the tax-free threshold) could still potentially receive the minimum $2,000 payment.
- The payments to eligible employers are stated to be made within 14 days of lodgement of the 28 April 2020 BAS or IAS (i.e. for the period ending 31 March 2020). There is no action required to receive these payments.
- The Australian Tax Office (ATO) is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis. To be eligible, all lodgement obligations must be up to date including your company tax return (CTR) for 2019.”
Top 100 Women
Top100Women
