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Australia’s Economic Stimulus Package – Tax Bonus for Minors, Children, Students under 18

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

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.

6 Comments

  1. Hey Danny, my accountant after much pestering has just informed me that I won’t be receiving the K-Rudd bonus because I got all of my tax back! Even if I paid $1 in tax I would of been eligible (I have since found out) but I certainly was never advised by my paid professional at the time who I expect to have a grasp on these matters. In his defense he said the government had not published this information until just lately… (I lodged my tax mid April 09)

    To the best of your knowledge, Is this correct? or did he just not do his due diligence on the matter???

    He assured me at the time of doing my taxes that I would be receiving it, so you can imagine I’m rather riled by the arrival of this news now!!!

    Thanks

    1. Hey Chris,

      I guess it doesn’t really matter what your tax accountant says. End of the day, what matters is what the law says and it seems that theoretically you haven’t paid any tax (> $1) since you’ve received all your tax back.

      However, I’m pretty sure the ATO would’ve released details on the stimulus package criteria so perhaps you were ill informed in a sense that your expectations were mismanaged. Regardless of what your tax account said, the outcome would’ve been the same.

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