The Federal Government is providing up to $100,000 to eligible small and medium-sized businesses, that employ staff, with a minimum payment of $20,000.
These payments will help with cash flow, so that businesses can remain open, pay their bills and retain staff.
An enhancement of the first government package, employers will receive a payment equal to 100 percent of their salary and wages withheld (up from 50 percent), with the maximum payment being increased from $25,000 to $50,000. Additionally, the minimum payment is being increased from $2,000 to $10,000.
The tax-free payment will be available from 28 April 2020. There are no new forms to fill in, with payments flowing automatically through the Australian Taxation Office (ATO).
All small and medium businesses with aggregated annual turnover under $50 million and that employ workers are eligible.
An additional payment is also being made from 28 July 2020. Eligible entities will receive an additional payment equal to the total of all of the Boosting Cash Flow for Employers payments received.
For further information, please visit:
Business.gov.au: Up-to-date financial assistance, eligibility, and timing for the government support.
Australian Taxation Office: Will be updated with implementation advice.