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A NEW TAX SYSTEM (BONUSES FOR OLDER AUSTRALIANS) ACT 1999 - SECT 3 Overview of Act

A NEW TAX SYSTEM (BONUSES FOR OLDER AUSTRALIANS) ACT 1999 - SECT 3

Overview of Act

(1): This Act provides for a one-off tax free bonus payment to be made to individuals. The bonus payment generally consists of 2 components:

(a): an aged persons savings bonus of up to $1,000; and
(b): a self-funded retirees supplementary bonus of up to $2,000.

(2): The basic qualifications for the aged persons savings bonus are:

(a): an individual is aged 60 or more, and is an Australian resident, on 1 July 2000; and
(b): he or she has an income amount of less than $30,000, and a savings and investment income amount, for 1998-1999 or 1999-2000.

(3): The basic qualifications for the self-funded retirees supplementary bonus are:

(a): an individual is aged 55 or more, and is an Australian resident, on 1 July 2000; and
(b): he or she has an income amount of less than $30,000, and a savings and investment income amount, for 1998-1999 or 1999-2000; and
(c): he or she has not received certain pensions or benefits during the period 1 April 2000 to 1 July 2000; and
(d): if the individual is a woman under 61 ¹/2 or a man under 65:

(i): he or she has also not received those pensions or benefits during the rest of 1999-2000; and
(ii): he or she has business and wages income of $1,000 or less for 1999-2000; and

(e): if the individual is 60 or more, his or her annual savings and investment income is more than $1,000.

(4): The bonus payment is reduced progressively for income amounts between $20,000 and $30,000.
(5): An individual has to claim the payment. A decision on whether an individual is qualified for a bonus payment will be made by the Secretary to the Department of Family and Community Services, the Repatriation Commission or the Commissioner of Taxation, depending on whose customer or client the individual is.
(6): These decisions are subject to review. For Family and Community Services customers, review is under the Social Security Act 1991 . For Veterans' Affairs customers, review is under the Veterans' Entitlements Act 1986 . For ATO clients, review is under the Taxation Administration Act 1953 .

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