Kevin Rudd's $42 Billion an Economic Stimulus Package
I had heard that Kevin Rudd is giving money to help Australia counter the global economic crisis. Was so excited to hear and was in mind that if i am eligible to get that bonus money. Day before yesterday i got an email from my boss with the details and how to get payment.
Next morning, yesterday, when i checked my balance it was $900 more than i had in my account. Then i checked the transaction on the net and saw the money coming from centrelink family assistant.
I got so excited. Well, Kevin gave it to spend that money, so i spent 144.45% of that. I bought a laptop and gifted my little sister.
I hope i used the money well. :)
The Email i got from my boss is:
Tax Bonus proposal is finally approved, but how do I ensure I get my payment?
The Rudd Government has recently announced that the much anticipated $42 billion Nation Building and Job Plan has been successfully passed through both houses of Parliament. And, whilst the passed legislation contains some amendments from the original proposal, the most notable fact is that all proposed tax bonus payments, whilst slightly reduced, will continue to be rolled out from early April this year.
There are a range of bonuses being supplied to various sections of the community including single income families and farmers. The most significant bonus is being paid to around 8.7 million Australians who are low to middle income earning taxpayers.
How do I know if I am eligible to receive the payment?
Provided that you:
- lodge your 2007-08 income tax return before the due date
- your taxable income for 2007-08 financial year is less than $100,000
- your adjusted tax liability for 2007-08 is greater than nil, and
- you were an Australian resident for tax purposes for the 2007-08 financial year
then you will be eligible for the tax bonus payment.
How much will I be paid?
If your taxable income is $80,000 or less for the 2007-08 financial year then you will receive a tax bonus payment of $900. For taxable income amounts above $80,000 but not exceeding $90,000 a tax bonus of $600 will be paid, and if your taxable income amount is greater than $90,000 but does not exceed $100,000 then you will receive a tax bonus payment of $250.
When and how will I be paid?
If you have already submitted your 2007-08 tax return, the first round of payments will commence from early April 2009. However, if you are yet to lodge your 2007-08 return then your payment may be received at a later date, depending on when your return is finalised.
What do I need to do to ensure I get my payment?
If we have prepared your tax return for the 2007-08 financial year the ATO may not necessarily have your personal bank account or postal address details. To ensure that you receive your bonus payment in the quickest way possible you can contact the ATO and provide them with the necessary details for your preferred payment option for this one-off payment.
You can only update your bank account details over the phone by calling 1300 686 636. Postal addresses can be updated by calling 1300 686 636 or online at the ATO website.
Today my wife got $900's cheque from Australian Taxation Office. Thanks to kevin rudd and his stimulus package. This time it will be spend on babies items. I was not sure if she was eligible to get bonus money. Well yay! she got it finally. So hopefully my friends will be getting it soon too.
22/04/09 11:13:03|Damodar Bashyal