STIMULUS: $100,000 cashback for printers on BAS
Small and medium-sized businesses can get up to $100,000 to help with cash flow so they can keep operating, pay their bills, and retain staff during the coronavirus pandemic.
Printers and other SMEs with aggregated annual turnover under $50m and that employ workers are eligible. The payments will come in two tranches, half this year, and half in the next financial year.
This cash-flow boost will be a tax-free payment to employers and is automatically calculated by the Australian Taxation Office, with no new forms required. The payment will be an automatic credit in the business activity statement system from 28 April.
Eligible employers that withhold tax to the ATO on their employees’ salary and wages will receive a payment equal to 100 per cent of the amount withheld, up to a maximum payment of $50,000 on this BAS, and the same in the new financial year.
Eligible employers that pay salary and wages will receive a minimum payment of $10,000, even if they are not required to withhold tax, and the same in the new financial year.
The payments will only be available to active eligible employers established prior to 12 March this year.