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Rudd's Stimulus Cash Bonus
Recently the Government announced another stimulus package to assist households and support economic growth. The clear intent of this payment is to provide support and strengthen the Australian economy during the global recession.
A lump sum tax payment of up to $900 will be made to certain Australian resident individuals who paid tax in the 2007-08 financial year. To qualify recipients must be residents for tax purposes during the 2007-08 financial year
Taxpayers may not be eligible for the payment if their tax payable and Medicare levy less tax offsets and/or imputation credits resulted in a $nil tax payable. For example, if you earned less than $11,000 in 2007-08 and are entitled to the low income tax offset, they would not have a tax liability and therefore would not be entitled to the tax bonus payment.
How Much Will You Receive?
Eligible taxpayers will receive a bonus payment based on their taxable income as follows
| 2007-08 Taxable Income | Payment |
| Up to $ 80,000 | $ 900 |
| $80,001 - $ 90,000 | $ 600 |
| $90,001 - $ 100,000 | $ 250 |
Payments have already begun for those people who have already lodged their tax returns. Payments are being made either by direct payment or cheque.
Taxpayers who have not already lodged their tax returns should do so by the end of June 2009 to obtain payments.
Kevin P Scambler
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