Covid-19 ATO Stimulus - Cash Flow Boost 1
We have started to see the Cash Flow Boost 1 Payment appear on our Client’s ATO Integrated Account with many having already received cash refunds in the bank as early as 21st April. This is the credit of PAYG Withholding for the months of January, February and March 2020. If you do not employ staff and do not pay PAYG Withholding as part of your BAS then you are not eligible for this boost.
The lodgment of BAS for Quarter 3 YE 2020 has triggered this event much earlier than we first expected - 28th April, 2020.
For those who have lodged and fully paid their BAS, a cash refund has been issued by way of EFT. This should start to appear in your bank account if not already.
For those who have lodged and partly paid their BAS, the Cash Flow Boost will be offset against the remaining balance and a refund for the difference by way of EFT will be issued.
For those that have not yet paid, the Cash Flow Boost will be offset against your BAS payment and a credit if applicable
will then be refunded.
For those who have a BAS Payment greater than the Cash Flow Boost 1 Payment, the boost will be offset against this and the balance due will need to be paid to the ATO by the 28th May 2020.
Contact our office by email if you wish t know the status of your Cash Flow Boost 1.