Coronavirus cash flow boost payments explainedSmall to medium employers who intend to claim the “cash flow boost payment” (minimum of $10,000 and a maximum of $50,000) announced in the second round of stimulus hoping to receive an injection of cash should beware. The “payment” is not actually a payment, rather it is a credit that will be offset against of the liabilities that appear on the BAS and any debits in a taxpayer’s RBA.

ATO backs down from controversial time limit rulingIn 2018, the ATO issued a controversial draft ruling which took a very strict stance on the four-year time limit for claiming input tax credits and fuel tax credits. The ruling had been used by the ATO to deny input tax credits and fuel tax credits where the Commissioner makes a decision on an objection or amendment request outside the 4-year period.

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