Yesterday 23 April the ATO started paying out cash as part of the cashflow boost to eligible entities.
Cashflow boost is for entities that have PAYG withheld on their March BAS.
Payment is being made where the cashflow boost is greater than what was owed on the Mar BAS.
TIP: lodge your March BAS – to take advantage of this
“I have received $10,000 from the tax office into my account today, can I keep it?”
The answer: absolutely yes!Horizon client call yesterday 23/4/2020
ATO website 24 April 2020: To support eligible entities during the period associated with COVID-19, any excess credit from the activity statement that received the cash flow boost amount will be refunded to you, rather than offset against any other tax debts you have. However, excess amounts may still be applied against any outstanding debts with other Australian Government agencies.
Simple! Smart! Different!
This information is intended to provide general information only and has been prepared without taking into account any particular person’s objectives, financial situation or needs. Before acting on such information, you should consider the appropriateness of the information