The Government's $42m stimulus package has been passed by the Senate after amendments to secure the agreement of the cross benches in the Senate.
The most obvious change from the original Bills is the reduction in the tax bonus for working Australians from a maximum of $950 to a maximum of $900. The back to school bonus and single income family bonus remain at $950.
As originally intended an eligible individual may be entitled for more than one bonus.
Working Australian Bonus
To receive the full or reduced bonus an individual must:
be an Australian resident for the 2008 income year
have a tax liability after any offsets
have a taxable income less than $100,000
lodge their tax return for the year ended 30 June 2008 before 30 June 2009.
Payment of the bonus will commence in April for those who have lodged their 2008 returns are entitled to the bonus.
The amount of bonus is worked out as follows:
Persons Taxable Income
Bonus Amount
Up to $80,000
$900
$80,000 - $90,000
$600
$90,000 - $100,000
$250
Individuals under 18 (‘minors’) at 30 June 2008 will not be entitled to any payment unless they are an excepted person and have some excepted income in their assessable income. Excepted income would include employment income or income from a deceased estate. Therefore, a minor with only a trust distribution, even if taxable, is unlikely to be eligible. But, where a minor has been employed and is entitled to a trust distribution they would be entitled if the other requirements are met.
Back to school bonus
This bonus remains as originally announced. A $950 bonus is payable to eligible recipients where there was an entitlement to at least part of Family Tax Benefit Part A on 3 February 2009. Up to $950 is payable for each eligible child of school age.
Single income family bonus
This bonus also remains as originally announce except that the maximum payment has been reduced from $950 as originally announced to $900. A $900 bonus is payable to an individual where they were entitled to Family Tax benefit Part B on 3 February 2009.
Training and learning bonus and farmers hardship bonus
Further bonuses are available for eligible persons. The bonus in each case is at least $950 but can be $950 for each family tax benefit child.
Where you have lodged your 2008 income tax return, you should not have to do anything more and will receive any payment you are entitled to from early April. If you have not yet lodged your return please contact your relationship partner to discuss what must be done to receive your entitlements.