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Re: Cash flow boost

I'm new

Views 13318

Replies 38

I lodged BAS for my company on 15/04/2020 and I was refunded the GST paid on purchases. I have not received any cashflow boost even though my company is eligible. Can I get explanation why I have not received the cash flow boost?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Community Moderator

Replies 8

Hi @chad2020

 

Thanks for reaching out to us.

 

Without knowing all your circumstances, it is hard to say. To get the cash flow boosts, your business needs to meet all the eligibility requirements as outlined on our website.

 

You have mentioned GST but you haven't mentioned PAYG withholding. It is important to note that one of the requirements is that your business has made payments to employees subject to withholding (even if the amount you withheld is zero). This information will be picked up from the W1 label on your March 2020 BAS. We then use the amount at W2 to work out your first initial cash flow boost credit.

 

We suggest that you check out the delivery of the cash flow boosts page to find out how it is calculated and credited. If you have checked your integrated client account and can't see that a credit has been applied when you think it should have been, keep in mind that refunds will generally be paid within 14 days (assuming you're due a refund).

 

Good luck with it all.

 

Thanks, ChrisR

38 REPLIES 38

Most helpful response

Community Moderator

Replies 8

Hi @chad2020

 

Thanks for reaching out to us.

 

Without knowing all your circumstances, it is hard to say. To get the cash flow boosts, your business needs to meet all the eligibility requirements as outlined on our website.

 

You have mentioned GST but you haven't mentioned PAYG withholding. It is important to note that one of the requirements is that your business has made payments to employees subject to withholding (even if the amount you withheld is zero). This information will be picked up from the W1 label on your March 2020 BAS. We then use the amount at W2 to work out your first initial cash flow boost credit.

 

We suggest that you check out the delivery of the cash flow boosts page to find out how it is calculated and credited. If you have checked your integrated client account and can't see that a credit has been applied when you think it should have been, keep in mind that refunds will generally be paid within 14 days (assuming you're due a refund).

 

Good luck with it all.

 

Thanks, ChrisR

Newbie

Replies 6

I’m in the same boat. I pay staff which was recorded at W1 but had a W2 amount of $0. Got my GST refund already, but no sign of a credit in the integrated account for the cash flow boost.

 

Based on the Cash flow boost page I’m eligible and my tax agent thinks so too, but looks like I’m going to miss out and miss out on all the good advertising opportunities that are available to try and get my business through that has been forcibly closed. Thanks ATO - you’re most welcome. I may as well just close up for good and collect the dole.

Newbie

Replies 5

If you have been with an accountant, either they should have advised, or you should call the ATO to get it escalated. If you are indeed eligible, then why not escalate it so they can look into it rather than give up like you suggested. Seems either odd or lazy...

Initiate

Replies 0

We have also been advised by our accountant/tax agent that we are eligible although they are unable to advise us when the ATO will generate such a credit or debit on their system so that we can see it in our balance when we log into our ATO portal OR when we will actuall receive the funds in our bank accounts.

I have contact to ATO by email couple day ago but still not yet received any respone from ATO. 

Newbie

Replies 3

Hi All

So I’ve managed to find out the following.

The ATO is still in the process of updating some of their tools. So one thing that may hold up your payment is if you have a deferred lodgment of your 18-19 tax return or your have not lodged it yet.

This causes a processing issue from the perspective of meeting the aggregate turnover test (less than $50 million). For many of us this is simple to determine from the activity statements, but I’m sure you’ll agree that companies that don’t meet it shouldn’t be getting it so we’re having to go through a bit of extra pain.

I’m advised they should have this new tool in place this week. That said, no idea how long it will take them to get the credits applied.

Feel free to contact them, but try not to panic or get anxious. I empathise and understand these times are tough, but note letting this get to you isn’t going to make it any easier.

Good luck all and hang in there.

Former Community Support

Replies 2

Hi @Chello and @NMT,

 

Apologies for the delay in replying, we do understand your frustration with not receiving the cash flow boost.

 

There are some businesses that need to provide us with more information before we can determine that they are eligible to receive the cash flow boost. We will need more information from:

  • businesses with aggregated turnover that reduces to below $50 million for the 2019-20 year
  • businesses that do not have an obligation to lodge at least one of the following 
    • a 2018–19 income tax return which shows an amount included in assessable income in relation to carrying on a business  
    • an activity statement or GST return for any tax period that started after 1 July 2018 and ended before 12 March 2020 which shows a taxable, GST-free or input-taxed sale.

 

If this describes your business you will need to contact us to discuss your eligibility, if you have not already done so.

 

@Rissile86 and @dnhns I hope this information helps you too.


We wish you all the best, and thanks for your patience.

 

Enthusiast

Replies 0

Hi 
The problem here is I have rang your office and all I got in response is to wait and wait, I'm sure most of the people on this forum have been told the same thing, they can't even tell us if we need to provide any more information, because they are just call centre who know nothing else but to put through the request, the team responsible will be in contact if needed.  Payment is due in a week's time, we and the clients afftected still have no idea when this will be resolved despite knowing we are definitely eligible for the boost.

Initiate

Replies 0

@SueATO ,

 

There are many eligible businesses who have not received the cash boost payments. This is a software program defect where businesses who have lodged their PAYG activity statements before 28th April.  Everyone missed out who has logged early.

 

All ATO consultants are replying with some generic answers to people's queries. Your generic replies are not helping people, in fact, adding more anxiety. Businesses have qualified accountants who have already validated their eligibility for cash boost so your generic statements are not helping.

 

ATO should immediately address this defect and speed up the payment process.

Newbie

Replies 0

Yes we withheld tax - w1 and w2 on the statement both have amounts over 0 . According to our statement , we owe $5200 and there is no $10,000 credit . We should have a positive balance of $4800.
We we relied on this in this current situation . The $4800 is needed and actually having to pay $5200 is now very hard . We tick every single box in the eligibility . There is no reason at all why we should of missed out.