Meeting payroll amid COVID-19 will undoubtedly be difficult for many Australian small businesses. So it’s reassuring to know that you may be eligible for a government cash-flow boost of up to $100,000. But you could miss out if you neglect a key bit of housekeeping: lodging your activity statement.
That’s because your activity statement (or BAS) is where you report PAYG withholding, and this is what the government will use to determine if you are eligible for a credit – and how much. The federal government is urging small and medium-sized employers to lodge their BAS by mid April to speed the delivery of aid. You don’t necessarily have to pay your tax bill on that date; payment may be deferred.
How do I get relief and when?
You don’t need to apply for the relief. If you’re eligible, it will be automatically delivered as credits in the ATO’s activity