Completing the March 2020 BAS for Covid Refunds

The March 2020 BAS statements are starting to arrive, along with a deluge of client queries as to how to complete them in order to receive the government assistance. So here we go ……

  • Complete the BAS exactly the same as normal
  • The ATO credit will happen automatically
  • If you have paid employees in the quarter/month you will have figures at W1 gross wages and W2 tax withheld. These figures will trigger a credit to your business integrated client account of an amount equal to the figure at W2. However the  minimum credit is $10k and the max $50k each tranche
  • The credit will be offset against the rest of your BAS liability eg GST or tax installments. Any remainder will be refunded to you.
  • If you are expecting profits to be lower than prior years we can also vary the tax installments down for you.
  • Repeat the same process in June.

Obviously, if you retrench your staff you will get less back, which is of course the point.

If you do not pay staff, your business gets nothing

Any questions please call me

Lindsay 0413 952 180

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s