The bonus will be paid automatically by the Tax Office to individuals satisfying eligibility criteria, in most cases between early April and 30 June 2009. The bonus will be paid in all eligible cases and not used to offset any other tax liability. It will not be taxable income or income for social security purposes when received. General Eligibility Requirements - The individual must have had a positive ‘adjusted tax liability’ for 2007/08, which is ordinary tax payable plus Medicare levy, Medicare levy surcharge and reduced by offsets and imputation credits. This is NOT simply the net result on the 2008 assessment. See further detail on Working Bonus – More Detail.
- The individual’s 2007/08 taxable income must be < $100,000
- The individual must be a resident of Australia for tax purposes; and
- The individual’s 2007/08 income tax return must be lodged by 30 June 2009
The tax bonus will be a direct payment to taxpayers through EFT or cheque paid in the same manner as the 2008 refund or assessment – no action by taxpayers is necessary. This can be changed by calling 1300 686 636, but this will also change the address for all future refunds, so your tax agent will not be able to check your future tax assessments, unless it is changed back again.
26th-March-2009 | 