Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon Wayne Swan MP)General outline and financial impact
Payment to taxpayers
These Bills authorise the Commissioner of Taxation (Commissioner) to pay the Tax Bonus for Working Australians to eligible taxpayers. Eligible taxpayers will be those who paid tax in the 2007-08 year of income after taking into account available tax offsets and credits; and who have a taxable income of $100,000 or less.
Date of effect: These Bills will commence on Royal Assent. Payments made by the Commissioner will be in relation to the assessment of the taxpayer's 2007-08 income tax return where the taxpayer has lodged their tax return with the Australian Taxation Office by 30 June 2009.
Proposal announced: This measure was announced on 3 February 2009 as part of a package of measures to give effect to the Government's Nation Building and Jobs Plan .
Financial impact: This measure will have these fiscal implications:
| 2008-09 | 2009-10 | 2010-11 | 2011-12 |
| -$7,715m | -$1m | Nil | Nil |
Compliance cost impact: There will be a minimal impact on businesses as these Bills provide for a payment to individuals.