What do I need to do to get the Tax Bonus?
- The bonus will be available to Australian resident taxpayers who paid net tax in the 2007-08 financial year. (This simply means you actually paid at least $0.01 worth of tax in 2007-2008, if you didn’t then you don’t get the bonus)
- Taxpayers must lodge their tax returns for the 2007-08 financial year by 30 June 2009 to be eligible. (Obviously, they won’t know if you are eligible until you actually done your tax return for 2007-2008, so I guess if you haven’t done it yet, you have a good reason to do it now)
- 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. (this means, its going to be automatic. If you gave the ATO your bank details last year, then most likely you’ll be expecting the Tax Bonus in your bank account in the next few weeks. Otherwise be expecting a cheque in your mailing address)
You can get all the details of the Tax Bonus here:
How Much Tax Bonus will I get?
- 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 taxable income exceeding $80,000 to $90,000.
- A $250 bonus will be paid to taxpayers with taxable income exceeding $90,000 to and including $100,000.
Remember the aim of the Tax Bonus is to stimulate Australia’s economy and the Government encourage you to spend it. ie. Buying Australian goods/services. Buying electronic goods could mean up to 50% of the price you paid goes to an overseas company. Services are the best way to keep the money in Australia, e.g. plumbers, electrician, builders, gardeners etc.
Happy spending/investing!