Federal Government – available to all SMEs
The Australian Government has thus far announced 2 Economic Stimulus packages to the sum of $189 billion.
The package includes both cash and tax incentive measures, as followed –
Real, Cash Money for Small Business Owners
1) 100% Cashback on PAYG Withholding, up to $100,000 in total
- Eligible small and medium-sized employers will be provided a 100% tax-free ‘cash back’ of up to $50,000 (and a minimum of $10,000) on your PAYG Withholding on wages between 1 January 2020 and 30 June 2020.
- A second tranche of tax-free, cash back payments of up to $50,000 (and a minimum of $10,000) on your PAYG Withholding on wages will also be paid for the period 30 June 2020 – September 2020.
- This second payment is calculated as the total cash back credit calculate in the first payment, split evenly over the June-20 to September 20 BAS/IAS lodgement period.
- So to summarise – the cash back is now calculated on 100% of PAYGW of your wages, paid in 2 separate calculation periods: