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Re: cash flow boosts-eligibility

Newbie

Views 693

Replies 3

Hi,

Our partnership was registered with ABN,GST and PAYG withholding on 16 Feb 2020,and on the same day we signed a contract with a private company to buy his only business Fish & chips on a going concern,the settlement date will be due in the coming days.The vendor will continue to operate the business until settlement.

Under this situation,who will be eligible for the cash flow boost, the vendor or the purchaser?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 2

Soudns like you would be eligible 

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

 

You may need to demosntrate your eligibility using the alternative test though as you may not have lodged a BAS or income tax return preior to 12 March

3 REPLIES 3

Most helpful response

Devotee

Replies 2

Soudns like you would be eligible 

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

 

You may need to demosntrate your eligibility using the alternative test though as you may not have lodged a BAS or income tax return preior to 12 March

I'm new

Replies 1

My company registerd on Nov 2019 and started trading in Feb 2020. Apparently we are engilted to nothing as we didn’t lodge a tax return in 2019. This is so unfair on new small businesses

Former Community Support

Replies 0

Hi @Pinky250,

I was able to provide you with an answer within your own thread.

 

Thanks.