Overview
If your 2007-08 taxable income was $100,000 or less and you paid tax, you could be eligible to receive a tax bonus payment of up to $900.
Payments start from 6 April 2009 and are tax free.
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.
The Tax bonus calculator ( http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=ESB.xr4&go=ok ) will help you determine your eligibility and estimated payment.
Unless you change your details, 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 the Tax Office 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.
Are You eligible?
Your eligibility and the amount you are paid will be based on your individual 2007-08 tax return.
You are eligible to receive the payment if:
- your 2007-08 taxable income does not exceed $100,000
- your adjusted tax liability for 2007-08 is greater than zero (that is, you paid tax)
- you lodge your 2007-08 tax return by 30 June 2009 or by the deferred date granted to you by the Tax Office, and
- you were an Australian resident for tax purposes during the 2007-08 financial year.
How much is the payment and when will You receive it?
Your tax bonus payment will be:
- $900 if your taxable income is up to and including $80,000
- $600 if your taxable income is between $80,001 and $90,000, and
- $250 if your taxable income is between $90,001 and $100,000.
Your payment will not be used to offset any of your other tax debts.
Payments will start from 6 April 2009.
People who have already had their tax returns assessed will be the first to receive their payment.
The fastest way to receive payment is directly into your bank account.
The later you lodge your 2007-08 tax return, the longer it will take for you to get your payment.
About The Author
Warren Kruger is an Australian Tax Specialist and Advisor.
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Warren Kruger is an Australian Tax Specialist and Advisor. For a FREE Report “7 Essential Strategies to Reduce Your Taxation NOW!”,enter your name and email address in the Opt In Box located on the top right hand side of this article.
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