Jenny Macklin (Jagajaga, Australian Labor Party, Minister for Families, Housing, Community Services and Indigenous Affairs) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

A key part of the government’s Nation Building and Jobs Plan is to provide financial support to taxpayers.

The measures contained in this bill do just that.

This bill delivers the government’s tax bonus for working Australians, announced by the Prime Minister and Treasurer on 3 February 2009.

The plan was introduced to assist the Australian people deal with the most significant economic crisis since the Second World War and provide immediate economic stimulus to boost demand and support jobs.

This measure, at a cost of $8.2 billion, provides financial support to around 8.7 million taxpayers and is one of five key $950 one-off payments for low- and middle-income households and individuals.

The government is providing these cash payments to immediately support jobs and strengthen the Australian economy during a severe global recession.

To immediately stimulate the economy in the shortest possible time, the five groups of one-off cash bonuses will be paid in March and April 2009.

The tax bonus for working Australians will be paid to resident individual taxpayers who had taxable income of up to $100,000 and who paid income tax for the 2007-08 financial year, after taking into account any tax offsets and imputation credits.

A payment of $950 will be paid to those who had a taxable income of up to and including $80,000 for the 2007-08 income year.

A payment of $650 will be paid to those who had a taxable income exceeding $80,000 to $90,000.

A payment of $300 will be paid to those who had a taxable income exceeding $90,000 up to and including $100,000.

Eligibility for the payment will be determined by the Commissioner of Taxation, with all payments being made automatically by the Australian Taxation Office.

The bonus will be available from April 2009 to Australian resident taxpayers who have already had their tax returns assessed.

This will be the vast majority of eligible taxpayers.

Taxpayers who have not yet lodged their 2007-08 tax returns will have their bonus paid following the ATO’s assessment of their returns.

Importantly, taxpayers should lodge their 2007-08 tax return by 30 June 2009 to be eligible for the bonus payment.

I commend the bill to the House.

Patrick Secker (Barker, Liberal Party) Share this | Link to this | Hansard source

In accordance with the resolution agreed to earlier, the debate is adjourned and the resumption of the debate is made an order of the day for a later hour this day.