In 2023 our Australian Government still supports businesses with the legacy 2020 Cash Flow Boost (Covid Support)
Did your business secure its $20,000 to $100,000 support?
Cash Flow Boost gets our economy moving:
As Specialist Tax Lawyers we have successfully fought for businesses to secure $20,000 or more of Cash Flow Boost, in situations such as:
|business services company
Solicitor-advocate in Australian lower, superior and appellate courts
Bachelor of Commerce (Hons)
Juris Doctor, Law degree
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 $3,000 +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:
(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.