How much will be paid?
- $900 bonus will be paid if you have a taxable income up to and including $80,000
- $600 bonus will be paid if you have a taxable income exceeding $80,000 but not exceeding $90,000
- $250 bonus will be paid if you have a taxable income exceeding $90,000 but not exceeding $100,000
When will I receive the payment?
- Your 2007-08 income tax return must be lodged with us by 30 June 2009.
- Therefore, when you receive your payment will depend on when your return was finalised.
- The first round of payments will commence from April 2009. Those who have already had their returns assessed will be the first to receive their payment.
Click here to view the ATO article
Training & Learning Bonus
The Training and Learning Bonus is a payment of $950 to support students with the costs of education and training. It will also be paid to some income support customers who are in significant hardship. There are two parts to the Training and Learning Bonus:
- the One-off Training and Learning Bonus, and
- the Temporary Supplement to the Education Entry Payment
- One-off Training and Learning Bonus
The One-off Training and Learning Bonus will be paid to people who received one of the below payments for a period including 3 February 2009:
- Youth Allowance (students and Australian Apprentices)
- ABSTUDY Living Allowance (if aged 16 and over or independent)
- Sickness Allowance
- Special Benefit (under age pension age)
- Family Tax Benefit Part A for a full-time student aged 21-24 years (inclusive) on 3 February 2009.
- The One-off Training and Learning Bonus will be paid between 24 March and 6 April 2009.
Investment Allowance: small business and general business tax break
The Government has announced an investment tax break for business.
The tax break, in the form of an investment allowance will provide:
- an additional tax deduction of 30 per cent of the cost of eligible new depreciating assets acquired under a contract, or started to be constructed, after 12.01am AEDT 13 December 2008 and before the end of June 2009 and installed ready for use by the end of June 2010.
- an additional tax deduction of 10 per cent of the cost of eligible new depreciating assets acquired under a contract, or started to be constructed, between 1 July 2009 and 31 December 2009 and installed ready for use by the end of December 2010.
New expenditure on existing assets may also qualify.
For both periods, small businesses will be able to claim the deduction for eligible assets costing $1,000 or more. Small businesses must have a turnover of less than $2 million a year to qualify.
For other businesses, a minimum expenditure threshold of $10,000 applies