Tax Bonus for working Australians

Eligibility criteria for payment, based on the 2007/2008 income year, are that:

• You must be an individual;
• You must be an Australian resident;
• You have an adjusted tax liability of greater than ‘nil’ (including the Medicare Levy but net of all ‘tax offsets’;
• Your taxable income does not exceed $100,000; and
• You lodge your 2008 tax return before 30 June 2009

 Persons under 18 will also be eligible for the payment provided they are an ‘excepted person’ (e.g. in full time employment) or are in receipt of ‘excepted assessable income’ (e.g. income from employment).

 The payment is scaled based on the individuals’ taxable income:

Individuals do not need to apply for payment – the Government will pay the bonus directly to eligible individuals.

Education Tax Refund

The Education Tax Refund is a benefit that is available to families receiving Family Tax Benefit – Part A. The Education Tax Refund allows eligible families to claim 50 per cent refund every year for key education expenses up to:

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

The Education Tax Refund will apply to some of the most common back-to-school items, including:

• Laptops;
• Home computers and associated costs;
• Home internet connections;
• Printers;
• Education software;
• Trade tools for use at school;
• School text books; and
• Stationery.

Where a family has educational costs in excess of the refund limit, these costs can be carried over to the next financial year. Note that you will need to keep all receipts for education expenses so that the Education Tax Refund can be claimed in your tax return.