COVID-19 Government Assistance (Australia)
For PAYGW Relief
- Create a new Account in your Accounting File in either Income or Other Income as preferred so it is easily identified
- Clearly name it for what it is "Tax Free Government Assistance"
- Code as per the relief guidelines for GST and Income Tax Free
- Save the new account and then Sync Calxa to your accounting system to pick up the new account.
Once the Account has been pulled through to Calxa, you can budget for the expected Assistance in the relevant periods the assistance will either be received, or will reduce the outgoing cashflow.
Use the Digit PAYG Cashflow Boost Calculator to show the amount of Assistance and when to expect it.