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2009 Economic Stimulus Tax Bonus

Posted by Tax Advisor on 15 June, 2009

The Government will provide eligible taxpayers with a tax bonus payment of up to $900 upon determining eligibility for the 2007-2008 financial year. Approximately 8.7 million taxpayers will benefit from this. The bonus will be a direct payment to taxpayers through electronic transfer or cheque. The bonus payment is tax free and will not be used to offset any of your other tax debts.

Who is eligible for this bonus?

You must be an Australian resident for tax purposes during the 2007-2008 financial year and your return must be lodged by 30 June, 2009 or by the deferred date granted to you by the Australian Taxation Office. In addition, your 2007-2008 taxable income must not exceed $100,000 and the adjusted tax liability must be greater than zero.

If you were an Australian resident for tax purposes for the 2007–2008 financial year, and you meet all the other eligibility criteria, you are eligible for the bonus payment. This applies even if you were here on a temporary resident visa.

If you, your tax agent, or accountant were affected by a natural disaster or sustained significant injury or illness resulting in hospitalisation for more than two weeks, you have until 30 June, 2010 to lodge your return and qualify for the Economic Stimulus Tax Bonus. However, this only applies if the natural disaster or significant injury or illness occurred between 1 January, 2008 and 30 June, 2009 inclusive.

How much money will I receive?

  • A $900 bonus will be paid to taxpayers with taxable income up to and including $80,000.
  • A $600 bonus will be paid to taxpayers with income exceeding $80,000 to $90,000.
  • A $250 bonus will be paid to taxpayers with income exceeding $90,000 to and including $100,000.

How can I receive my 2009 Economic Stimulus Tax Bonus?

You may receive the Economic Stimulus Bonus by simply lodging your 2007-2008 financial years at
ELodge.com.au.
If eligible, the tax bonus payment will be sent to you automatically.

When will I receive the Economic Stimulus Tax Bonus?

If you were eligible and lodged your 2007-2008 tax returns before the end of March 2009 you should have received your payment by now. Filers who lodged after the end of March 2009 can expect payment within four weeks of receiving the income tax notice of assessment. The payment is provided automatically according to the details provided in your 2007-2008 tax return. If you lodge your return after 15 June, 2009 you will not receive your notice of assessment until late July 2009. Thus, your Economic Stimulus Bonus should arrive mid August 2009. You must lodge your 2007-2008 income tax returns by 30 June, 2009 or you will miss out on the Economic Stimulus Tax Bonus unless you were granted a deferral by the Australian Taxation Office prior to 18 February, 2009.

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