Update: The Payments start on the 6th April and will take up to 6 weeks to be completed! ATO LINK
The stimulus payments are being sent out at the beginning of April. People who have already had their tax returns assessed will be the first to receive their payment. The fastest way to receive payment is directly into your bank account (ATO SOURCE).Apparently the first will arrive around the 6th of April! At first I thought that the payments would be sent out via cheque, but according to the ATO they will be sent out the same way that you received your tax return last year!
According to the ATO you are eligible if–
- you have lodged or will lodge your 2007-08 income tax return before 30 June 2009 or if you have been granted a deferred date by the Tax Office before Wednesday 18 February 2009 and you lodge your return by the deferred date
- your 2007-08 taxable income does not exceed $100,000
- your adjusted tax liability for 2007-08 is greater than nil, and
- you are an Australian resident for tax purposes for the 2007-08 financial year.
- $900 bonus will be paid if you have a taxable income up to and including $80,000
- $600 bonus will be paid if you have a taxable income exceeding $80,000 but not exceeding $90,000
- $250 bonus will be paid if you have a taxable income exceeding $90,000 but not exceeding $100,000
How is it distributed??
All cheque and EFT payments will be made using a post code selection process that is randomly generated, ensuring all post codes are evenly distributed to each state and territory each night (using the Australia Post predetermined percentage spread). For this reason and because of security concerns, we are not planning to publish a distribution schedule.