By now, you've probably heard that the Australian government is introducing a stimulus package to try to buoy the Australian economy. One of the components of this package is a cash payment to Australian taxpayers. It's a nice wee bonus! But how do you get your entitlement? Have a look at our guide for a rundown.
How much will you get?
It depends on what your total income from all sources was last year. The payment will be:
If you earned more than $100,000 last year you won't receive a benefit payment.
So how do I get it?
All you need to do to get your payment is make sure you have submitted a tax return for the financial year 2007-2008. If you've already done this, then you will receive your payment sooner. If you haven't, the sooner you complete your return the sooner you'll receive your payment.
How is it paid?
The payment will be credited straight into the bank account you nominated in your 2007-2008 tax return. If you didn't nominate an account, a cheque for the amount will be sent to the address specified on your tax return.
If either of these details have changed, you need to tell the ATO! Your bank account and/or address details need to be changed by March 15th. You can change your details online here or call the tax office on 1300 686 636.
When will you get it?
The government is starting the payments in early April, 2009. There's no set timeframe for when the payments will be completed.
You're free to spend your stimulus package anyway you like. Some enterprising companies have even come up with a few clever promotions...