Bonus payments attract late lodging taxpayers
Taxpayers are rushing in to file in their tax returns before the June 30 deadline, to get their hands on their share of the federal government's stimulus payments. Eligibility for the bonus is available for tax payers who earned less than $100,000 in 2007-08 financial year.
The full bonus of $900 is payable to taxpayers who earned less than $80,000, with those who earned between $80,000 and $100,000 receiving a bonus of between $250 and $600. A total of around 8.7 million taxpayers are expected to benefit for the Government's pay out from next month.
Tax payers who have failed to lodge previous year's tax returns and who owe money may be charged interest of 11 per cent a year, on top the Australian Tax Office may enforce a "failure to lodge" penalty of up to $550 a year.
Source: The Australian Financial Review