I Got My Economic Stimulus Package

I finally got my tax bonus payment from the government last week via direct deposit. Unfortunately, as soon as I got it, I had to use it to pay for the car registration, insurance and service.

Haha, what luck. Didn’t even get to spend it on myself. Oh well, I’m sure that “stimulated” the economy.

Remember guys, as long as you are eligible, your payment should come by the 16th of May either via cheque or direct deposit, depending on how you received your tax return payment last financial year.

If you used a tax agent to lodge your tax return last financial year, you should check with your tax agent whether the payment is with your tax agent. Also make sure your bank details and address are up to date with the ATO.

If you still haven’t received payment by the 16th of May, you should call 1300 686 636 and the ATO may be able to help you if you are eligible.

It’d be interesting to find out how you spent your tax bonus payment.

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

• The child was an excepted person, or
• The child received excepted assessable income, and
• The child fulfills all other requirements

Continue reading »

Australian Tax Bonus: Beware of email scams

We’re expecting tax bonus payments from the government around early April so beware of email scams that will most likely be sent out as we approach closer to the payment date.

Please remember that the Australian Tax Office (ATO) will never send out emails asking for personal details such as credit card and bank details. You also won’t be charged a fee to receive the payment and if you didn’t know, the bonus payments are tax free. If you do receive an email pretending to be from the ATO, delete it immediately. The ATO has released an official statement on this.

You can read on the details of the tax bonus / stimulus package in my other post.

Tax Return 2007/2008

New financial year means getting your tax money back.

If you’re planning on doing your tax return online, download the e-tax software from the ATO website. Remember to check for updates once you’ve run the software.

If you want to find out your individual taxable income, visit the ATO’s individual income tax rates.

Here’s some basic things that you will need while doing your tax return online.

1. Tax File Number (TFN)
2. Group Certificate showing the total gross income you’ve earnt and the total tax amount you’ve paid
3. Bank account details
4. Documents of your previous tax returns (notice of assessments)
5. Medicare card and documents
6. Private health insurance documents
7. Deductions documents (i.e receipts)
8. Investment documents

Remember, the earlier you do your tax return, the sooner you will get your money back if eligible.

Unfortunately, if you are like me and you’re not very good at doing your deductions and tax offsets, perhaps its best to see a tax accountant to do your tax return for you.