The government today announced five key $900 one-off payments to assist in strengthening the Australian economy during a severe global recession.
The three most relevant bonuses are:
- Tax bonus of up to $900 for eligible working Australians earning $100,000 or less
- $900 single income family bonus for families that are eligible for Family Tax Benefit Part B on 3 February 2009
- $900 back to school bonus for families that are eligible for Family Tax Benefit Part A on 3 February 2009 – payable for each child aged 4 to 18 years on 3 February 2009
Tax Bonus for Working Australians
This bonus is payable to Australian resident taxpayers who paid tax for the year ended 30 June 2008, after taking into account tax offsets and credits. The bonus will be paid by the ATO in April 2009 and any taxpayers, who have not yet lodged 2008 income tax returns, will only receive the bonus if their return is lodged by 30 June 2009.
The bonus amounts are as follows:
- $900 bonus for taxpayers with a 2008 taxable income up to and including $80,000
- $600 bonus for taxpayers with a 2008 taxable income between $80,000 and $90,000
- $300 bonus for taxpayers with a 2008 taxable income between $90,000 and $100,000
Single Income Family and Back to School Bonuses
These bonuses will be paid by Centrelink to all families meeting the eligibility criteria described in the introduction above. Families, who claim family tax benefit as a lump sum in their tax returns, will receive these payments after their 2009 income tax returns are processed by the ATO.
If you have any questions in relation to this article or would like further assistance with managing your cash flow, please contact Catalyst Financial on 8064 5362.
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