The Government also announced a one-off payment of $950 to assist farmers experiencing hardship due to drought conditions and others receiving Exceptional Circumstances related income support.
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.
Who is eligible?
- Eligible recipients will be those who on 3 February 2009 are in receipt of:
- Exceptional Circumstances Relief Payment for Farmers;
- Interim Income Support for Farmers;
- Exceptional Circumstances Relief Payment for Small Business;
- Interim Income Support for Small Business;
- Transitional Income Support; and
- Farm Help Income Support.
How much is the bonus?
- The payment is $950 for each recipient. A single bonus of $950 will be paid to eligible households, irrespective of whether the eligible payment they receive is paid at a single or couple rate.
- It will not be taxable or counted as income for income support purposes.
When and how will it be paid?
- The payment will be made automatically by Centrelink in the fortnight commencing 24 March 2009.
- Eligible recipients do not need to contact Centrelink to receive a payment. Payment will be automatic.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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