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Key points of Government Stimulus package

 

The recently approved Government Stimulus package offers a number of benefits income earners, families and small business.

 

Bonus payments for income earners

Anyone who earned $80,000 or less in 2007-08 and has lodged their tax return will receive $900. Those earning between $80,000 and $90,000 will receive $650. And those earning between $90,000 and $100,000 will receive $300.

 

You must have your return lodged before 30 June 2009

 

Families

Families receiving Family Tax Benefit Part A will receive a back to school bonus of $950 per child for children aged between 4 and 18 years.

 

Single income families receiving Family Tax Benefit Part B will receive $900

 

Business

Small businesses will receive an additional 30% tax deduction for purchases of tangible business assets costing $1,000 or more before 30 June 2009. For example a business purchasing a $2,000 computer would be able to claim an additional $600 deduction in their 2008-2009 tax return.