I’ve recently written a post on the details of the economic stimulus package and the eligibility of it. Something I didn’t cover which I would assume a lot of parents would be wondering was whether your child who is a minor (under 18 years old) is eligible for this as well.
Well, I’ve saved you the trouble and done some research so hopefully this will answer your question.
The ATO website states that if you were a minor (under 18) at 30 June 2008 (end of last financial year), your child may be eligible if
- The child was an excepted person, or
- The child received excepted assessable income, and
- The child fulfills all other requirements
If you’re still not sure whether you’re eligible, you can look at your 07-08 notice of assessment statement and follow the ATO’s notice of assessment example. A short summary of it is that you must earn under $100,000 per annum and have paid more than $0 in tax last financial year (07/08).
As we’re now into April, we should be expecting the tax bonus payments to start flowing through now. If you still haven’t lodged your tax return for 07/08, now is probably the best time to do so and you have till 30 June 2009 to lodge this and be eligible.