The Tax Bonus for Working Australians Repeal Bill 2013 was introduced in the House of Reps on Thur 12.12.2013. It proposes to repeal the Tax Bonus for Working Australians Act (No 2) 2009 (Tax Bonus Act) to ensure that the Commissioner of Taxation does not make any further tax bonus payments. The Bill also makes consequential amendments to the taxation laws as a result of the repeal of the Tax Bonus Act.

Tax bonuses were paid to Australian residents who paid tax in the 2007-08 income year and met certain income tests.  The payments were designed to provide stimulus to the Australian economy at the height of the Global Financial Crisis. The Government considers that further payments are not warranted.

DATE OF EFFECT:  The repeal will take effect from the day after Royal Assent.

[LTN 241, 12/12/13]

GFC bonuses: Govt to legislate to stop stale cheques being paid

The Treasurer has announced the Coalition’s plan to introduce legislation “this week” to stop further $900 cheques from being sent to people 4 years after the global financial crisis. Mr Hockey said that as it stands, “4 years after the GFC, these cheques could be directed to people who are overseas, who visited as backpackers 4 years ago, or to someone who is deceased. He said that “of the 15,750 ‘stale cheques’, the ATO expects 500 of those recipients might present for re-issue and only 200 of those are expected to be re-issued by the time the bills have Royal Assent”.

Source: Treasurer’s media release, 8 December 2013

[LTN 238, 9/12/13]

 

About the author