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Re: Receiving the cashflow boost

Newbie

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Replies 5

The ATO material on the cashflow boost says:

 

If you lodge before the due date of your March 2020 quarterly or monthly activity statement:

  • the cash flow boost will not be applied to your account until after the due date (and not until 28 April)

 

If you are eligible for the cashflow boost payment and the due date on your March 2020 quarter BAS says 26 May 2020, if you lodge your BAS on 28 April 2020, when can you expect to have the cashflow boost applied to their account in this circumstance? Will you have to wait till 26 May 2020 (the due date per the BAS) even if you lodge on 28 April 2020?

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ATO Certified Response

Former Community Support

Replies 4

Hi @Megan1 

 

Yes that is correct. The boost will only be applied until after the due date on your March BAS, which in your case is 26 May 2020.

https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Boosting-cash-flow-for-...

 

Thanks for your query

 

Ray

5 REPLIES 5

Most helpful response

ATO Certified Response

Former Community Support

Replies 4

Hi @Megan1 

 

Yes that is correct. The boost will only be applied until after the due date on your March BAS, which in your case is 26 May 2020.

https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Boosting-cash-flow-for-...

 

Thanks for your query

 

Ray

Newbie

Replies 1

Thanks for your reply.

 

That is very unfortunate for businesses that have been given an extenstion for their BAS because of the bushfires. A rethink on this needs to be made.

Community Moderator

Replies 0

Hi @Megan1,

 

Have a look a the information regarding lodgement deferrals, it may assist you.

 

KylieS

Newbie

Replies 1

Hi,

 

Do we still need to make the payment to ATO for the BAS liability? Mine is also due on 26 May. I have already lodged it but havent made the payment.

ATO Community Support

Replies 0

Hi @Raj3,

 

Sorry for the delay in responding.

 

Please see What you will receive

 

The cash flow boosts will be applied to reduce liabilities arising from the same activity statement.

 

To support eligible entities during the period associated with COVID-19, any excess credit from the activity statement that received the cash flow boost amount will be refunded to you, rather than offset against any other tax debts you have. However, excess amounts may still be applied against any outstanding debts with other Australian Government agencies.

 

You may also receive a refund if you overpay your activity statement because your system was unable to take the cash flow boost into consideration when working out how much was payable.

 

If you are due to receive a refund, we will generally pay it within 14 days.

 

The first Example – refund of cash flow boost below the What you will receive info provides further clarification relevant to your circumstance. Note that this example is based on a monthly PAYGW reporter who will receive a credit for March 2020 which is 300% of their withholding for that month. This will provide an approximate equivalent to lodgers reporting quarterly.

 

Please see Delivery of the cash flow boosts for further explanation to the amount of the initial and additional cash flow boost you should expect and how it is applied to your BAS.

 

I hope this helps and let us know if you have any further questions,

JasonT