Household Stimulus

The ATO have announced that the working australians tax bonus will start to be paid from early April 2009.

Payments are being made in stages with priority given depending on when your 2007/08 tax return was finalised.

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I’ve had a few emails from people asking about what happens with their tax bonus payment if they have an outstanding tax bill… Do they still get the money?

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A few small changes to the original proposed payment rates have occurred. As it stands, the rates for the various bonus payments administered by Centrelink will be as follows…

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The Working Australians Tax Bonus is now a $900 tax bonus. The following rates now apply (reduced by $50) and not the previously proposed full bonus of $950.

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The following “Eligibility at a glance” table is provided by Centrelink….

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The Back to School Bonus is expected to assist 2.8 million children aged 4 to 18 in just over 1.5 million families across Australia receiving Family Tax Benefit Part A (FTB-A).

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The Government’s $511.2 million Training and Learning Bonus provides a one-off bonus to eligible student social security recipients to assist with the costs for the 2009 academic year.

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The Bonus will provide immediate financial support to farmers who are most in need and who may not have sufficient taxable income to benefit from the Tax Bonus.

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The single income family bonus will be a one-off payment to every family entitled to Family Tax Benefit Part B (FTB-B) on 3 February 2009.

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A $950 bonus will be paid to taxpayers with taxable income up to and including $80,000.
A $650 bonus will be paid to taxpayers with income exceeding $80,000 to $90,000.
A $300 bonus will be paid to taxpayers with income exceeding $90,000 to and including $100,000.
(Note: these rates have been amended. Please see the post on the new updated rates)

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Wow! I take a few weeks off from blogging in order to work on other projects and the Government goes nuts with proposals and announcements.

I’m already inundated with emails and calls about the Household Stimulus Package so we’ll start with that first.

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