* The bonus will be available to Australian resident taxpayers who paid net tax in the 2007-08 financial year. (Means that if you paid even the most minimum tax in 2007-2008, if you didn’t…. then you don’t qualify for the bonus)
* Taxpayers must lodge their tax returns for the 2007-2008 financial year by 30 June 2009 to be eligible. They won’t know if you are eligible unless you have completed your tax return for 2007-2008, so I suggest that you get it done now…if you haven’t already).
* 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, you will automatically receive it. If you have given your banking details to the ATO, then the Tax Bonus should show up in your bank account in the next few weeks. Otherwise you will receive a cheque to your postal 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. Try to use the money to buy Australian Made goods…. (I know it’s getting harder)…..because it keeps the money here. Or…you could use it to start investing….if you haven’t already started.
Spend or invest…..that is the question?
Enjoy…. which ever way you go.