Boosting Cash Flow for Employers
Cash Flow Boost not to be offset against existing tax debt in some situations.
The Tax Office has announced that the cash flow boosts will be applied to reduce liabilities arising from the same activity statement but will not be offset against existing BAS debt but rather refunded to you.
This is great news for businesses that do have an existing debt and will mean that the cash is in the hands of the business to assist during this uncertain time.
For this to happen, however, we do need to ensure the BAS for the March quarter is lodged AFTER 28 April rather than before. If lodged before the refund will be offset against existing debt first.