The government has just announced a “tax bonus payment” of $950 to individual taxpayers, to counter the “Global Financial Crisis”.

The Cash Bonuses will be paid in March & April 2009.

To get a bonus you must pay $1 or more in net tax, have a taxable income under $100,000 and have lodged your 2008 tax return. The amount will fade out from $80,000-$100,000.

Those receiving Family Tax Benefit (Part A) with children from 4 –18 years will get a “Back to School” bonus of $950 in addition.

If you haven’t lodged your 2008 return yet, please ring for an appointment. 07 3367 0663
Darryl is also contactable via email: reception@obrienaccountants.com

Education Tax Refund

As announced in the 2008-09 Budget, families will be able to claim a 50 per cent Education Tax Refund from 1 July 2008. The aim of the Education Tax Refund is to help families meet the costs of educating their children and ensure that they have access to the resources needed to improve educational outcomes.

Eligible families will be able to claim a 50 per cent refund every year for eligible education expenses up to:

  • $750 for each child undertaking primary studies ( maximum refundable tax offset of $ 375 per child, per year); and
  • $1,500 for each child undertaking secondary studies (maximum refundable tax offset of $750 per child, per year).

Parents entitled to Family Tax Benefit (FTB) Part A in respect of children undertaking primary or secondary school studies for the relevant financial year are eligible to the Education Tax Refund.

Eligibility is also extended to parents with school children undertaking primary or secondary school studies who would be an eligible child for FTB Part A purposes, but for the fact that the child receives certain payments or allowances, for example:

  • Youth Allowance;
  • Disability Support Pension; and
  • ABSTUDY Living Allowance.

Please keep all your education expense receipts from 01/07/08 for books, stationary, equipment including laptops, computers and software etc.

We will claim this refund on the 2009 tax return.

If you are not registered for Family Tax Benefits (Part A), you should register to ensure you get the benefit (if eligible).

Eg. Family Tax Benefit (Part A) doesn’t cut out until family income exceeds $107,797 for 2 school children (2008 figures).

2008 Income Tax Deadlines

The deadline for most people and companies to lodge their income tax returns under our tax agent’s extension plan is normally 15th May.

Most people have already lodged their 2008 returns but a significant number are yet to lodge.

If you are a high-income earner, or were ever late in either lodging a Business Activity Statement, Tax Return, or paid a Tax Office Bill late then you may have to have your tax returns in by 31st March 2009.

If you have not lodged your 2008 return yet, please contact our office to arrange a suitable time to get your paperwork in and avoid tax office penalties.

* Disclaimer: nothing in this newsletter constitutes advice. If you require specific advice on your situation, please phone our office for an appointment and a confidential discussion of your affairs.

 

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