In addition to what may change as a result of the current debate in parliament one line in Tuersday’s Treasury Press  Release should be highlighted.

It indicates that not every “Working Australian” under $100,000 is going to get something.

“The bonus will be available to Australian resident taxpayers who paid tax in the 2007-08 financial year after taking into account available tax offsets and credits.”

 So this seems to be saying that, for example, if you gave a large donation and claimed it as a tax deduction and as a result you didn’t have tax to pay you may miss out on the bonus.

Anyway, all will be revealed when the legislation is finalised and published.

Any questions please feel free to contact me on 02 9585 9585 or make comments below.

Regards,

Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation 

This entry was posted on Thursday, February 5th, 2009 at 2:12 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.