06 Mar 09 Schedule for Tax Bonus paymentsThe schedule for the Tax Bonus payments was discussed at the ATO’s Tax Practitioner Forum (ATPF) meeting held in Melbourne last Friday, 27 February 2009 (see TAXVINE No 7 (27 February 2009)). The ATO advised that tax agents have until 12 March 2009 to choose how their clients receive their tax bonus (ATOB-823). A failure to lodge an election by 12 March 2009 will mean that documentation/cheques will go to the address for service of notices and electronic payments to the currently notified EFT address. Tax returns lodged after 12 March 2008 are expected to have the correct data for distribution of Tax Bonus payments.
The actual distribution of payments is a long process that will commence 6 April 2009, with batches of about 300,000 Tax Bonus payments being issued daily. Once the tax bonus for the 7.1 million currently lodged 2008 tax returns are processed, the tax bonuses for later lodged returns will be processed. (that is, at the end of the queue).