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The Australian Taxation Office (ATO) says that delaying notification of some requirements for eligibility is a factor as to whether the Commissioner will exercise a discretion to allow later notification.  Don’t let your business miss out.

Usually the total successful Cash Flow Boost amount is twice the business PAYG Withholding liability on qualify payments in the March or June 2020 BAS quarter.  With a total payment minimum of $20,000 and a maximum of $100,000.

This could vary depending on whether the business reported BAS monthly in Jan to June 2020; and what sort of notices were provided to the ATO.

No. Cash Flow Boost amounts are non-assessable non-exempt (NANE) income.

Yes.  We prefer to work with your current accountant or BAS Agent to confirm your business activities.  That would be a direct fee arrangement between you and those professionals, or we can engage them as No-Win- No-Fee disbursements, if you and they agree to that.  Alternatively we can arrange for another BAS Agent to gather the required evidence on a No-Win- No-Fee disbursement basis.

We will only charge you if you receive a Cash Flow Boost of at least $10,000.

Our legal fees will not be more than $5,000 +GST, for any total Cash Flow Boost amounts your business receives up to the $100,000 maximum.

There may also be accounting fees that you pay directly to your existing accountant or BAS Agent.  Or alternatively, this work can be covered by a No-Win – No-Fee disbursement amount to a BAS Agent that we arrange for you.

All the legal fees and any other accounting fees related to your Cash Flow Boost application should be fully tax deductible to your business, with the GST component also a credit in your favour if your business is registered for GST.

Our fees will be set out in a short-form No-Win – No-Fee conditional costs agreement.

Yes, depending on the issues involved, it is possible to request the ATO to review a prior failed Cash Flow Boost application.

Your Business Must:

(a)  be active in 2019, which we will fight for you to prove through any of the following:

• a 2018-19 tax return showing that you had assessable income in relation to you carrying on a business (even if the tax return was lodged late after 12 March 2020)
• for any tax period between 1 July 2018 and 12 March 2020, an activity statement or GST return showing that you made a taxable supply (even if it was lodged late); and/or
• for any tax period between 1 July 2018 and 12 March 2020, documentation of financial supplies, such as:
  1. opening a bank account
  2. opening a line of credit
  3. borrowing or lending money
  4. entering into a mortgage over real property
  5. buying or selling shares or other securities
• if you were not required to lodge an activity statement or GST return for any tax period that started between 1 July 2018 and 12 March 2020, showing that you made a taxable supply through sales or service invoices or other evidence of business income

(b)  at least once in 1 JAN to 30 JUNE 2020 make a qualifying payment, such as employee wages or directors’ fees

We can discuss your initial prospects for a Cash Flow Boost and answer your questions.

If the prospects are good, we will invite your business to enter into a short-form No-Win – No-Fee costs agreement.

And also invite your business to appoint us YCF Lawyers to be your special legal representative focused on fighting to secure your Cash Flow Boost.