Jun 3, 20202 min read

DID YOU GET THE CASHFLOW BOOST?

Please be aware! There continues to be aspects of the cash flow boost that has businesses, practitioners and even the ATO enquiries lines, scratching their heads.

Enquiries to the ATO yesterday, 2nd June 2019 in regards to the Cashflow Boost Review process for those businesses that did not pass the computer algorithm to have the credit/refund applied automatically to the Jan/March 2020 quarter, proved to be a futile exercise.

Seems no one can tell exactly what to do once a business has finally had enough of waiting and has called the ATO to confirm ineligibility. What was confirmed, was the fact that businesses have not yet been properly informed that they are not eligible for the "automatic" CashFlow and that nothing is yet confirmed about the "Alternative" test that was mentioned originally.

Those new businesses which were the ones hurting the worse, are now the ones requiring to keep spending more and more on accounting fees to get this sorted. The worst part is that businesses are not being informed of the decision nor updated with new deadlines and requirements to tap into the stimulus package.

First we had to ensure eligibility which included the option for an alternative for those that didn’t quite fit such as those that went from sole trader to company, newly gst registered, no gst, employees, no employees and all the other various variable that could have offended the holy algorithm . Boxes had to be ticked, due dates were followed and no follow up was made to those seeking the “alternative”.

I was informed that a review process was being considered but they could not tell me exactly how to go about it except to email to cashflowboostreview@ato.gov.au based on the special eligibility document QC 61925 where an example is given of attaching your support documents to a message in the Business portal where you can also outline your reasoning.

The following general guidelines is provided in the QC61925:

This is looking to be an long drawn out repetitive process unless we have the exact information as to why and on what grounds each of our clients were rejected by the algorithm and what information to provide to have that decision reviewed.

Here at Tradies Bookkeeping .Com, we are committed to ensuring that you get your entitlements and invite you to register here to be included on our exclusive mailing list. We will guide you through the next stage of the CashFlow roll out to ensure your continued success.