Wow! I take a few weeks off from blogging in order to work on other projects (online MYOB product store and updated website coming soon) 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.
The household stimulus package was announced earlier this week. Just under 80 per cent of families and singles are expected to receive payments under the package.
In brief, the household stimulus package includes 5 main payments:
1. A Tax Bonus for Working Australians of up to $950 for eligible taxpayers, depending on income thresholds.
2. A Single-Income Family Bonus of $950 to provide additional assistance for families that have one main income earner and may otherwise receive less assistance from the package than dual income families with similar household income.
3. A Farmer’s Hardship Bonus of $950 which will be paid to farmers and others receiving Exceptional Circumstances related income support.
4. A Training and Learning Bonus of $950 to assist students, those returning to study or training, and some income support recipients.
5. A Back to School Bonus of $950 per child to assist low- and middle-income families eligible for Family Tax Benefit A with school-age children.
Please note that as of this moment, the package has passed the lower house but is yet to make it through the senate – and will not make the proposed payment deadlines.
Details of each of these payments to follow in individual posts….
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.
Christie has written 799 awesome articles for us at Alan Lewis Accountants – BLOG
Twitter: @christielewis
{ 6 comments… read them below or add one }
Interesting blog, i have bookmarked it for future referrence
If I am a student and don’t recieve abstudy will I still recieve a payment for being a student (part time) or is it only for full time students
@Sharon,
Hi Sharon,
In order to qualify for a student bonus payment, you do need to be a full-time student in receipt of one of the qualifying student support payments.
Best of luck with your studies this year!
Hey there i was just wandering how is the government determining who gets paid when. for example is it going by post codes or what
@Helen Mougios,
That’s a good question, Helen.
The ATO have said that payments will be made in stages depending on when tax returns were lodged.
People who have received their 2007-08 notice of assessment before 27 March 2009 can expect to receive their payment between now and 16 May 2009.
Those who received their notice of assessment after 27 March 2009 can expect their tax bonus payment around four weeks after they received their notice of assessment.
I am convinced they are not strictly being processed according to lodgement dates as we have had clients who lodged within the last few months receive their bonus ahead of those who lodged July last year! I guess the main thing is that they are getting through them and most taxpayers can expect to see their bonus before May 16.
interesting post, will come back here, bookmarked your site