Tax Bonus payment to arrive soon – Lets be merry

 

If you earned less than $100,000 in the 2007-08 financial year and paid tax you could be eligible to receive a tax bonus payment of up to $900. Payments start from early April 2009 and are tax free.

This tax bonus payment measure will benefit around 8.7 million taxpayers.

Taxpayers will not need to apply for the payment. The Australian Taxation Office will make the payment to taxpayers after determining eligibility for the 2007‑08 financial year.

What do you need to do?

If you have already lodged your 2007-08 tax return the Tax Office will automatically calculate your eligibility and entitlements and send your payment to you.

Your payment will be deposited into the bank account you nominated in your 2007-08 tax return or sent as a cheque to the address on that return.

If you have already lodged your 2007-08 tax return and your bank account or address details have changed since then, call us on 1300 686 636.

Unless you have been granted a deferred lodgment date by the Tax Office prior to 18 February 2009, you must lodge your 2007-08 tax return by 30 June 2009 to be eligible. E-tax is available to lodge your return online.

Check out this pdf file for some more detailed information

 

The tax bonus calculator will help you determine your eligibility and estimated payment.

How much is the payment and when will I receive it?

Payments administered by Centrelink

Questions and Answers
Who will be assisted?
  • Australian individuals who are residents for taxation purposes who have a net tax liability after considering their:
    • tax payable;
    • Medicare levy and Medicare levy surcharge;
    • less any offsets or imputation credits they received for the year.
  • The amounts of these elements are set out in the taxpayer’s Notice of Assessment.
How much is the bonus?
  • A $900 bonus will be paid to taxpayers with taxable income up to and including $80,000.
  • A $600 bonus will be paid to taxpayers with income exceeding $80,000 to $90,000.
  • A $250 bonus will be paid to taxpayers with income exceeding $90,000 to and including $100,000.
When and how will it be paid?
  • Payments will begin being made from April 2009 for those who have lodged a 2007‑08 tax return.
  • Taxpayers will not need to apply for the payment. The Australian Taxation Office will make the payment to taxpayers after determining eligibility for the 2007‑08 financial year. The vast majority of taxpayers have already lodged their tax returns.
  • Taxpayers who have not already lodged their 2007‑08 income tax return should do so by the end of June 2009 to obtain the bonus.
  • The bonus will be a direct payment to taxpayers including through electronic transfer or cheque. The bonus will not be used to offset a taxpayer’s tax liability.
Why has the Government lowered the Bonus by $50?
  • The Government has made some amendments to the Nation Building and Jobs Plan to ensure the passage of this important Plan. This includes making some changes to the size of some of the targeted payments – to ensure the package remains fiscally responsible.
  • This adjustment balances the requirement for fiscal responsibility with the need to deliver fiscal stimulus now.
  • This does not fundamentally alter the balance, the intentions, or the careful design of the package.

Useful links

  • Tax bonus payment and ATO debt.. will I still get it? | Dollars

    I’ve had a few emails from people asking about what happens with their tax bonus payment if they have an outstanding tax bill… Do they still get the.
    lewistaxation.com.au/blog/2009/02/taxbonuspayment-and-ato-debt-will-i-still-get-it/ – 60k – CachedSimilar pages

  • Tax Office to start making tax bonus payments from April

    Tax Office to start making tax bonus payments from April Media release 2009/12 The Tax Office today announced that now the tax bonus legislation is awaiting
    www.northernbeachesaccountants.com.au/Index.asp?pagename=Tax+Office+Bonus+Payment&site=1&siteid=794 – 17k – CachedSimilar pages

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