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broker, post: 269321, member: 117491 wrote:
I’m in a tricky situation.

I have been legitimately running my company for about 3.5 years and registered for GST from day 1.

As revenue was choppy in the early days, I always just took the minimum via directors fees on an adhoc basis and survived on savings.

Fast forward to Jan 1 2020, I had decided with my accountant to register for PAYG and begin paying a small salary. As I am in a financial services business, I get paid large sums infrequently, i.e. one quarter could be $0, $10,000, $5,000 = $15,000 total.

I decided it was best to pay myself quarterly for cash flow purposes from 1 Jan 2020. First pay was due to be paid on 31 March 2020 for the period 1 Jan – 31 Mar 2020.

The tricky part is, I only registered all this on pay day (31 March) and entered a PAYGW start date of 1 Jan 2020.

Obviously, my business has gone to $0 revenue and will likely be that way until all this is over, so I need some form of assistance.

I’ve had a read of the integrity measures and this very act is likely to cause trouble for me even though that is legitimately what the plan was.

I don’t know what to do as I don’t want to receive the Boost if it’s going to be viewed as a “scheme”, but at the same time, if I earn income from Jan 1, I need to be registered for PAYGW from Jan 1 for my affairs to be in order.

Can I forego the payment (even though I really need it) or must I accept it and hope nothing comes of it? I really don’t want a massive penalty to sink me after I have come through the other side.

How do I navigate this one?

Don’t come to a forum, go back to your accountant who knows the in’s and outs of your affairs, and helped you register, wouldn’t they be in the best position to advise.