The government is aiming to provide cashflow assistance to any Australian business with staff, that was up and running before this whole debarcle started.
There are a number of minor qualifying tests that your business has to pass, however these are essentially just to prevent fly by night businesses from popping up and taking advantage of free money.
For most people, if you had a business – with staff on the payroll – up and running prior to March 12th you’re set to get a fairly staggering credit to your PAYG statement – in fact, if you’re in one of the two “sweet spots” as I call them… you may even MAKE MONEY out of this deal – but more on that later.
Unfortunately, in true government style, they’ve made trying to decifer exactly what you’re going to get from the ATO website harding than Chinese algrebra.
That’s where us good samaritans over here at Boss Tradie have got your back.
We sat down in front of Microsoft Excel to try and create a tool that would do it all for you… and after a week and a half of work and countless James Squires, we’ve finally managed to do exactly that!
How to use the cashflow booster calculator
What Info You Will Need
Apart from knowing if you’ve done last years tax return or not and whether you actually have a business that pays its staff, you only need one piece of information to make this all work!
How much PayG you have withheld
Scroll down until you see the line item for PAYG, click on it and then select the month/months you need to view and copy the amounts into the calculator.
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