dannytalk ™ A Danny Ng Blog

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.

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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

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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.

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The Rudd government signed off on a $42 billion dollar stimulus package in February 2009 with hopes of reviving and encouraging long term economic growth in Australia.

In the wake of a global recession, Australian tax payers will be getting a tax bonus payment from the government to help struggling low to middle income earners as well as encourage spending to get the economy flowing again. It is no surprise that everyone has decreased if not stopped spending with massive retrenchments happening globally and nationwide. Job uncertainty is definitely in the fore front of our minds.

New businesses are slow to come by and even managers have strict budgets to follow and are reluctant on committing to long term spending. This downward spiral is expected to continue throughout 2009 and many fear the worst is yet to come.

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