info@remaccounting.com.au
  • (03) 8797 5399
  • Recent News – REM Accounting
    • Home
    • Our Difference
    • Services
      • Accounting & Tax
      • Self-Managed Superannuation Funds
      • Business Advisory
      • CFO Advisory
    • Resources
      • Recent News
      • Useful Links
    • Contact Us

    Government funding eligibility with BAS lodgements

    By admin • 7 April 2020 • Money
    Government funding eligibility with BAS lodgements

    As part of the second $66 billion support package in response to COVID-19 and its negative effects on the Australian economy, the Federal Government has expanded tax-free cash payments to small and medium businesses with a minimum payment of $20,000 and maximum of $100,000, up from the previous $2000 to $25,000 range.

    However, it is important to note that payments are only given to eligible businesses after they lodge their BAS (business activity statements) by the 28 July and 28 October 2020 due dates.

    The new enhanced scheme will be delivered in two phases:

    1. Employers are set to receive a first payment equal to 100% of their salary and wages withheld (a maximum of $50,000) when lodging their activity statements at quarterly due dates.
    2. An additional payment equal to the first payment made after businesses lodge their BAS by 28 July and 28 October 2020.

    Businesses will receive payments based on their BAS lodgement schedules. For example, a business that receives a payment for the period up until June 2020 will receive the same amount for the period up until September 2020 upon the lodgement of their BAS in two separate occasions.

    For monthly BAS lodgers, businesses will receive their first payment for the March 2020, April 2020, May 2020 and June 2020 lodgements, with a 300% calculation in the March activity statement to provide the same treatment as quarterly lodgers. Similarly, the second payment businesses which lodge their BAS monthly will be released once they lodge their June 2020, July 2020, August 2020 and September 2020 lodgements.

    To remain eligible to receive the new government funding for small to medium-sized businesses, remember to lodge your BAS on time as per your usual schedule. There are several options you can consider to lodge your BAS:

    1. Lodge online through your myGov Business Portal
    2. Lodge through your tax or BAS agent (who can access your myGov)
    3. Lodge as “Nil BAS” if you have nothing report for the period online or through phone
    4. Lodge by mail
    Tweet
    0
    COVID-19: new government support for businesses
    Should you withdraw from your super funds to cope with COVID-19?

    About the Author

    admin

    You Might Also Like

    • Spotting unauthorised and mistaken transactions

      Spotting unauthorised and mistaken transactions

    • How you can repair the errors in your credit score

      How you can repair the errors in your credit score

    • Stay on top of your credit cards

      Stay on top of your credit cards

    • Do these things on every payday

      Do these 3 things on every payday

    No Comments

      Leave a Reply Cancel Reply

      You must be logged in to post a comment.

      Recent Posts

      • Responding to difficult employees
      • Things that you should not include in a will
      • The pre-mixed investment options that are available to you
      • What salary packaging can involve
      • Spotting unauthorised and mistaken transactions

      Archives

      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018

      Categories

      • Business
      • Legal
      • Money
      • People
      • Super
      • Tax
      • Web

      RECENT COMMENTS

        Subscribe & Follow

        Subscribe to our newsletter and keep up to date with the latest news from REM Accounting & Advisory

        REM accounting logo
        • Accounting & Tax
        • Self-Managed Superannuation Funds
        • Business Advisory
        • CFO Advisory

        Association LogoAssociation Logo
        Copyright © 2018 REM Accounting and Advisory | Privacy Policy

        Liability limited by a scheme approved under Professional Standards Legislation