04 Feb 09 $42 Billion Nation Building and Jobs Plan announcedOn 3 February 2009, the Prime Minister, Kevin Rudd, and the Treasurer, Wayne Swan, jointly announced the Government's $42 billion Nation Building and Jobs Plan to support jobs and to invest in future long term economic growth. Key tax measures funded by the Nation Building and Jobs Plan include:
- A tax bonus for working Australians of up to $950 paid to every eligible Australian worker earning $100,000 or less (estimated at up to 8.7 million individuals), and
- A temporary business investment tax break for small and general businesses buying eligible assets.
- $950 bonus will be paid to eligible taxpayers with a taxable income of up to and including $80,000;
- $650 bonus will paid to eligible taxpayers with taxable incomes exceeding $80,000 and up to $90,000; and
- $300 bonus will be paid to eligible taxpayers with incomes exceeding $90,000 up to and including $100,000.
In a media release issued on3 February 2009, the Commissioner, Michael D’Ascenzo, said that work is underway to ensure the ATO can start paying the Australian Government’s tax bonus from early April 2009.
“At this stage we believe most eligible people won’t have to do anything to receive the proposed payment,” Mr D’Ascenzo said. “By using information in people’s 2007-08 tax return we will work out who is eligible and the best way to get the payment to them. Most people have already lodged their 2007-08 return with us, but if you haven’t, don’t leave it any longer. The proposed tax bonus will only be paid to those who have their 2007-08 return in by 30 June 2009."
For a copy of the joint media release announcing the Nation Building and Jobs Plan, No 2009/008, 3 February 2009, go here.
For a copy of the joint media release detailing the tax bonus, No 2009/010, 3 February 2009, go here.
For a copy of the joint media release detailing the investment tax break, No 2009/012, 3 February 2009, go here.
For a copy of the Treasurer's factsheets on the Plan, go here.
For a copy of the ATO media release, No 2009/07, 3 February 2009, go here.