COVID-19 stimulus measure: Boosting cash flow for employers

The Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020 which passed Parliament on Monday, is a key part of the Commonwealth’s response to the COVID-19 pandemic.

Boosting Cash Flow for Employers provides for payments to support employers by boosting their cash flow and encourages the retention of employees through any downturn.The payments referred to as Cash Flow Boost Payments comprise:the first cash flow boost; andthe second cash flow boost.This “payment” is a credit against a liability that is arising for the employer. The amount is recognised as a credit on the entity’s Australian Taxation Office (ATO) Running Balance Account. This results in a r...

Sign in below or register now to read the full article

Authors: Bernadeene Cangelosi, Brent Murphy

Published Date: 25 March 2020