Tax office has millions of unclaimed stimulus cash

Almost half a million Australians could have their $900 stimulus cheques waiting for them at the tax office.

Figures released by the Australian Taxation Office have shown that more than 450,000 people still need to lodge last year's tax return to be eligible for a piece of the Rudd Government's $8 billion cash splash.

The Tax Office has been inundated with returns from taxpayers earning less than $100,000 since the Government announced it would give $900 stimulus cheques to them.

Since February more than two million tax returns have flooded in to the tax office. There is however only three weeks left to meet the June 30 deadline to send in your return and claim your cheque.

The stimulus cheques have been herald as being partially responsible for the economy showing a 0.4 per cent growth in the first three months of this year. Treasury has estimated that without the stimulus payments, the economy would have gone backwards by 0.2 per cent.

Treasurer Wayne Swan has praised Australians for pulling together in bad economic times, and stated in his weekly online Economic Note that while every other advanced economy in the world had gone backwards, the efforts of all Australians has seen our economy go forward. This is due to all Australians having contributed their combined efforts to enable the country to achieve a positive economic growth, compared to any other country in the same economic climate.

Joe Hockey Shadow treasurer felt that the Government was claiming too much credit for the results, but added that if he became Treasurer he would keep the stimulus plan despite the Coalition having voted against the package.

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Published on June 6-th, 2009 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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