What you need to know first
General information
The Australian Government has announced one-off payments to eligible taxpayers. The tax bonus legislation became law on 18 February 2009
You will not have to pay tax on your payment and will not need to report the receipt of your tax bonus on your income tax return. The tax bonus will also not be included in your separate net income for tax purposes.
What do I do to receive the bonus?
You do not need to apply for the bonus. The Tax Office will automatically determine whether you are eligible for the tax bonus and will calculate the amount based on your 2007-08 income tax return.
Payment timeframe
If you are eligible, payments will commence in early April 2009. If you lodge your 2007-08 income tax return during March 2009 or later, it is expected that your payment will be issued from May 2009.
Extended due dates
If you have a deferred due date to lodge your 2007-08 income tax return after 30 June 2009, and this arrangement was in place before 18 February 2009, you will still be eligible to receive the payment provided you lodge your 2007-08 income tax return by the agreed date, and you meet all the other eligibility criteria. If you did not have a deferred due date in place before 18 February 2009, you must lodge by 30 June 2009 and meet all the other eligibility criteria to receive the payment.
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Outstanding debts
If you have an outstanding tax debt, and you are entitled to a tax bonus, the Tax Office will not offset your tax bonus against this debt. You will receive the tax bonus as a cheque or a payment into your bank account.
source: http://www.ato.gov.au/corporate/content.asp?doc=/content/00181138.htm
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