CTS Cash Boost Budgeter

06/04/2020

Use our complimentary CTS Cash Boost Budgeter to calculate how much credit you will receive through your Activity Statement.

Updated 1 May 2020 In these difficult times we are pleased to see the Government providing support packages for business. One of the initial support packages is the Cash Boost which will give rise to a credit through your Activity Statement (IAS or BAS). You do not have to do anything to receive this cash boost, however, you may wish to know the total amount that you will be credited as well as when to expect it in order to assist you with your budgeting. We have prepared our complimentary ‘CTS – COVID-19 – Cash Boost – Budgeter’ to help you understand this. To use the Budgeter click on the download button below to begin downloading the Excel spreadsheet to your computer. Once opened, select the:

Quarterly button if you are a Small Withholder for PAYG withholding (from salary and wages) purposes; or
Monthly button if you are a Medium or Large Withholder for PAYG withholding (from salary and wages) purposes.

Small withholders

If you are a Small withholder for PAYG withholding from salary and wages you should input:

your actual PAYG withholding for the March Quarter in the green box at cell H12
your estimated PAYG withholding for the June Quarter in the green box at cell H13

You will then see the amount of the credit that will be offset against any liabilities in your activity statement in column I. If you don’t have any other tax liabilities payable on the activity statement you may receive a cash refund. This can be found in cell J12. You can see that there are two components to the cash boost. The First Cash Boost is in the top section and will depend on the PAYG withholding for the March and June Quarters. Whilst the Second Cash Boost is paid later it is also paid based upon the PAYG withholding in the March and June quarters, notwithstanding the level of PAYG withholding after 30 June.

Medium or Large withholders

If you are a Medium or Large for PAYG withholding from salary and wages you should input:

your actual PAYG withholding for the months of March and April in the green box at cell H12
your estimated PAYG withholding for the months of May and June in the green box at cells H13, H14 and H15

You will then see the amount of the credit that will be offset against any liabilities in your activity statement in column I. If you don’t have any other tax liabilities payable on the activity statement you may receive a cash refund. This can be found in cell J12. You can see that there are two components to the cash boost. The First Cash Boost is in the top section and will depend on the PAYG withholding for the months of March, April, May and June. Whilst the Second Cash Boost is paid later it is also paid based upon the PAYG withholding in these months, notwithstanding the level of PAYG withholding after 30 June.

How ShineWing Australia can help

Complete Tax Solutions (CTS) enables you to streamline and automate your entire tax reporting and compliance process. CTS delivers increased integrity, efficiency and effectiveness. CTS automatically:

calculates the current and deferred tax balances
generates the journals required to be posted
generates the comprehensive AASB 112 compliant disclosure notes to be incorporated into the financial statements.

This means that the complex tax effect accounting is simplified, with the hard work being done for you. Click here for more information about our CTS suite of products or reach out to our experts below to discuss how we can provide tax support during this period of uncertainty and beyond.