|
Millions of Australians will receive a one-off cash handout under the government's $42 billion stimulus plan, announced yesterday to bolster the faltering economy.
Farmers, students, low and middle income earners are all set to benefit from the cash bonus which will be paid out in March and April this year. There is no need to claim for it, the tax office will automatically make the payment after checking your eligability.
Those set to benefit:
Working Australians
The bonus will be available to Australian resident taxpayers who paid tax in the 2007-08 financial year after taking into account available tax offsets and credits.
• $950 bonus will be paid to people earning up to and including $80,000.
• $650 bonus will paid to people with earnings over $80,000 and up to $90,000.
• $300 bonus will be paid to people earning more than $90,000, up to and including $100,000.
Single Income Families
• $950 up-front, one-off bonus payment to families on Tax Benefit Part B (FTB-B).
The payment, which will be made automatically by Centrelink in the fortnight commencing 11 March 2009, will be non-taxable and will not be counted as income for social security purposes.
The small number of families who claim FTB-B as a lump sum, will receive their one-off payments from Centrelink in 2009-10 and 2010-11 after their 2008-09 tax returns have been processed by the Australian Taxation Office.
Families who are eligible for FTB-B on 3 February 2009 will receive the Single Income Family Bonus.
Farmers
• $950 will be made to people who (on 3 February 2009) are receiving:
Exceptional Circumstances Relief Payment for Farmers;
Exceptional Circumstances Relief Payment for Small Business;
Interim Income Support for Farmers;
Interim Income Support for Small Business;
Transitional Income Support;
Farm Help Income Support.
The payments will be made in the fortnight commencing 24 March 2009. These bonus payments will not be taxable and will not be counted as income for social security purposes.
School kids
• $950 Back to School Bonus to be paid to families eligible for Family Tax Benefit Part A (FTB-A) on 3 February 2009 for each eligible child of school age (aged 4 to 18 on 3 February 2009).
Students
• $950 bonus for people who already receive Youth Allowance (students and apprentices); Austudy; ABSTUDY and related payments. This payment will also be available to recipients of Sickness Allowance and Special Benefit (under age pension age). If a student attracts the Government's Back to School Bonus they are not eligible for the one-off $950 Learning and Training Bonus
• $950 temporary supplement (from 1 January 2009 to 30 June 2010) to the Education Entry Payment (EdEP). This is on top of the existing EdEP payment of $208, which provides assistance with the costs of training courses, for income support recipients who are returning to study. |
|