Many Australians may be intending to use their bonus toward their credit card. Our guide explains how much you値l get, when you値l get it and what you値l need to do to receive it.
The Australian High Court today rejected Bryan Pape's legal challenge against the Federal Government's $900 bonus payments. The decision has cleared the way for the ATO to begin distributing the payments to the 8.7 million eligible Australian taxpayers.
You may be wondering what the bonus is, what you need to do to qualify for it and when it will arrive. Our quick FAQ will answer your questions.
What is the stimulus bonus payment?
According to the Commonwealth (in its argument against Bryan Pape's High Court challenge),'the stimulus payments to taxpayers are part of a co-ordinated international fiscal response' to the global financial crisis. In simple terms, the payments are intended to stimulate spending.
Am I eligible?
You are eligible if:
- Your taxable income for the 2007-08 financial year was $100,000 or less
- You paid tax
- You have lodged your 2007-08 tax return
- You were an Australian resident for tax purposes during the 2007-08 financial year
If you haven't lodged your 2007-08 tax return yet, it's not too late, although you now won't receive your payment until after the 16th of May 2009. You can lodge your return using eTax until the 31st of May 2009, or through your agent. Contact the tax office or visit their website for more information.
How much do I get?
The amount you receive is dependent upon your taxable income for the 2007-2008 financial year:
- $900 if your taxable income was up to and including $80,000
- $600 if your taxable income was between $80,001 and $90,000
- $250 if your taxable income was between $90,001 and $100,000
What do I need to do?
If you致e already lodged your 2007-08 tax return you don稚 need to do anything. Your eligibility will be determined and your payment distributed automatically.
When will it arrive?
The payments will be distributed over a six week period from Wednesday April 8th 2009 until 16th of May 2009.The order of payment is random and is based upon a post code selection algorithm. As such, there is no specific information available on exactly when you can expect your payment during this period. However, you will receive notification advising your payment has been made.
If you lodged your tax return after the 27th of March 2009, expect further delays.
