Eligible employers who received the initial cash-flow boost are now due to receive an additional boost as credits in their activity statements.
To help businesses calculate and plan for the credits they may receive, the ATO has issued a “cash-flow boost estimator”.
Accessible on this link, the estimator asks businesses to select their reporting frequency, before entering the amounts they have reported or will report for March to June 2020.
“The estimated credits for each activity statement will be calculated for you, helping you prepare for your lodgements and manage your cash flow for the coming months,” the Tax Office has said.
Employers that have received the initial cash-flow boost, delivered as credits in the activity statement system, are eligible for the second tranche when they lodge their activity statements for each monthly or quarterly period from June to September 2020.
Lat month, the ATO explained that the additional amount will be equal to the total initial cash-flow boost received by businesses and will be split evenly over the lodgements for the periods of June to September.
This means that businesses lodging quarterly will receive 50 per cent of their total initial cash-flow boost for each activity statement, while those lodging monthly will receive 25 per cent per statement.
An example provided by the Tax Office shows that if an employer, lodging quarterly, received an initial cash-flow boost of $10,000, they will receive two additional boosts of $5,000 each when they lodge their June and September activity statements.
Similarly, a business lodging monthly that initially received a total of $50,000 will receive four payments of $12,500 when they lodge their June to September activity statements.
The ATO has cautioned businesses that may have revised their activity statements after lodgement that this may affect the amount of cash-flow boost they were due to receive.
“You can check your statement of account for details on how your account may have been adjusted,” the ATO said.