The Australian Government has made some amendments to the Nation Building and Jobs Plan which includes making changes to the size of the promised tax bonus. According to ATO the changes are made to ensure the passage of the plan while at the same time the package remain fiscally responsible.
According to the Updated Economic and Fiscal Outlook the expected tax bonuses are as followed:
- taxpayers with taxable income up to $80, 000 will receive $900
- taxpayers with income between $80, 000 and $90, 000 will receive $600
- taxpayers with income exceeding $90, 000 up to $100, 000 will be paid $250
While you are not required to additionally apply for the tax bonus, you are still required to file your AU tax return by 30th June to be eligible for the payment.
If you still have questions about the stimulus payment or if you want to find about getting yours, I'd like to direct you to contact our Australian tax team on Australia@taxback.com or talk with our staff live online at www.taxback.com/chat to find out how taxback.com can help with your stimulus payment.