Cashflow Boost and JobKeeper payments?
Did you miss out on the Cashflow Boost and JobKeeper payments?
In December 2020, the Inspector-General of Taxation and Taxation Ombudsman (IGTO) published a report following complaints by new small businesses that were actively trading before economic support measures were announced 12 March 2020, but were ineligible for JobKeeper and/or Cash Flow Boost because:
- sales had not been reported in their Business Activity Statement (BAS) for periods ending before 12 March 2020;
- the business entity did not have any BAS periods ending before 12 March 2020; or
- the business entity was not registered for GST and was therefore assumed to have quarterly BAS periods, none of which end before 12 March 2020
The Types of Businesses impacted were:
If you, or anyone you know, were affected by these interpretations of the legislation by the ATO, please get in touch with your accountant to start the process of raising an objection with the ATO and have your case reviewed.
Grow & Prosper are happy to talk to business owners who may also wish to seek a second opinion on their unique circumstances.