BOOSTING CASHFLOW FOR EMPLOYERS (FROM $20,000 TO $100,000)
Employer must have registered PAYW wages withholding tax before 12 March 2020.
Turnover test (under $50m for most businesses) and other conditions apply. See details at:
Payments are delivered in the form of “credit” in the activity statement account and will first offset any ATO liabilities (e.g. net GST payable, PAYGW tax, etc) with the balance to be refunded to nominated “activity statement bank account”.
*** Therefore it is crucial to update the bank details in your Business Portal to receive timely payment.
Timing of payment will depend on the lodger cycle (monthly or quarterly). Below illustration with timelines.