Key Points to Note
Taxpayers under the tax-free threshold in 2008 are not eligible.
Taxpayers are generally required to lodge their 2008 tax return by 30 June 2009 to be eligible.
Taxpayers who are unable to lodge their return by 30 June 2009 may seek an extension and should do so immediately.
ATO will automatically make payments from April 2009.
The Government will be providing a number of one-off payments to individuals as part of its Nation Building and Jobs Plan. Tax bonus for working Australians After taking into account tax offsets and imputation credits, Australian resident taxpayers who paid tax in the financial year ending June 2008 will receive a one-off bonus. The ATO will automatically make the payments with the amount of the bonus to be determined by a taxpayer’s assessable income for the 2008 financial year. Bonuses are paid based on the following: $900 if taxable income was up to $80,000; $600 if taxable income was between $80,001 and $90,000; $250 if taxable income was between $90,001 and $100,000; and $0 if taxable income was greater than $100,000.
In order to be eligible for the cash payments, individuals will need to satisfy specific conditions of the Tax Bonus for Working Australians Bill 2009: Individuals must be a resident of Australia for tax purposes; Adjusted tax liability for the 2008 income year must be greater than nil; and Taxable income for the 2008 year is less than $100,000.
Eligible families or individuals will also receive the following bonuses: $900 Single Income Family Bonus to families provided that, on 3 February 2009, they were eligible for the Family Tax Benefit Part B. Payments will be made by Centrelink after 2008-2009 tax returns have been processed; $950 Training and Learning Bonus to students and non-working individuals returning to study; $950 per child Back to School Bonus to families provided that, on 3 February 2009, they were eligible for the Family Tax Benefit Part A. This bonus is separate and in addition to the 50% Education Tax Refund; and $950 Farmers Hardship Bonus to eligible farmers and ruraldependent small businesses who received income support as a result of exceptional circumstances. Even though the government bonuses have received a great deal of media attention, there are many people who are unsure if they are eligible. If you have any questions in relation to the government bonuses or your eligibility, please contact our office.