Commonwealth Consolidated Acts

BOOSTING CASH FLOW FOR EMPLOYERS (CORONAVIRUS ECONOMIC RESPONSE PACKAGE) ACT 2020 - SECT 8

First boosts

  (1)   If the Commissioner is satisfied that an entity is entitled to a cash flow boost for a period covered by subsection   5 (2), the Commissioner must pay the entity that cash flow boost no later than:

  (a)   if the entity is a large withholder for the period--the time at which:

  (i)   the entity must pay the Commissioner, in accordance with Division   33 of the A New Tax System (Goods and Services Tax) Act 1999 , the entity's assessed net amount for the tax period in which the period starts; or

  (ii)   the Commissioner must pay the entity, in accordance with Division   35 of that Act, an amount in respect of the entity's assessed net amount for the tax period in which the period starts; or

  (b)   otherwise--the later of:

  (i)   the time of the notification mentioned in paragraph   5 (1)(e); or

  (ii)   the time at which the entity must notify the Commissioner of its withholding period total for the period in accordance with subsection   16 - 150(1) in Schedule   1 to the Taxation Administration Act 1953 .

Second boosts

  (2)   If the Commissioner is satisfied that an entity is entitled to a cash flow boost for a p eriod covered by subsection   6 (2 ), the Commissioner must pay the entity that cash flow boost no later than the latest of the following times :

  (a)   the time of the notification mentioned in p aragraph   6 (1 )(c);

  (b)   the time at which the entity must give the Commissioner its GST return for the tax period corresponding to the period in accordance with Division   31 of the A New Tax System (Goods and Services Tax) Act 1999 ;

  (c)   the time at which the entity actually gives the Commissioner that GST return .

  (3)   Subsection   ( 2) does not apply if the 2019 - 20 financial year is an annual tax period that applies to the entity or if the entity is not registered (within the meaning of the A   New Tax System (Goods and Services Tax) Act 1999 ). Instead, if the Commissioner is satisfied that the entity is entitled to a cash flow boost for a p eriod covered by subsection   6 (2 ), the Commissioner must pay the entity that cash flow boost no later than the later of:

  (a)   the time of the notifica tion mentioned in paragraph   6 (1 )(c); or

  (b)   either:

  (i)   if the period is the quarter ending on 30   June 2020--28   July 2020; or

  (ii)   if the period is the quarter ending on 30   September 2020--28   October 2020 .