A NEW TAX SYSTEM (BONUSES FOR OLDER AUSTRALIANS) ACT 1999 - SECT 41 Qualification for components of bonus payment
A NEW TAX SYSTEM (BONUSES FOR OLDER AUSTRALIANS) ACT 1999 - SECT 41
Qualification for components of bonus paymentAged persons savings bonus component
- (1)
- An ATO client is qualified for the aged persons savings bonus component of a bonus payment if:
- (a)
- he or she is aged 60 or more on 1 July 2000; and
- (b)
- he or she is an Australian resident on 1 July 2000; and
- (c)
- his or her taxable income as shown in his or her assessment is less than $30,000, and he or she has adjusted savings and investment income, for the qualifying year, or for either or each of the qualifying years, specified in the claim; and
- (d)
- the amount of the component, worked out under subsection 45(4), is greater than nil.
Self-funded retirees supplementary bonus componentperson aged over 61 1 /2 (woman) or over 65 (man)
- (2)
- An ATO client is qualified for the self-funded retirees supplementary bonus component of a bonus payment if:
- (a)
- on 1 July 2000, he is aged 65 or more or she is aged 61 1 /2 or more; and
- (b)
- he or she is an Australian resident on 1 July 2000; and
- (c)
- his or her taxable income as shown in his or her assessment for the qualifying year, or for either or each of the qualifying years, is less than $30,000, and he or she has adjusted savings and investment income of more than $1,000, for that year or those years; and
- (d)
- at least one of the following applies:
- (i)
- he or she did not receive a disqualifying payment at any time during the period from the start of 1 April 2000 until the end of 1 July 2000;
- (ii)
- he or she received a disqualifying payment during the period from the start of 1 April 2000 until the end of 30 June 2000, his or her partner died during that period and he or she is not receiving a disqualifying payment on 1 July 2000;
- (iii)
- he or she received a disqualifying payment during the period from the start of 1 April 2000 until the end of 1 July 2000 in a circumstance prescribed by the regulations for the purposes of this subparagraph; and
- (e)
- the amount of the self-funded retirees supplementary bonus component, worked out under subsection 45(5), is greater than nil.
Self-funded retirees supplementary bonus componentperson aged between 55 and 61 1 /2 (woman) or 65 (man)
- (3)
- An ATO client is qualified for the self-funded retirees supplementary bonus component of a bonus payment if:
- (a)
- on 1 July 2000:
- (i)
- he or she is aged 55 or more; and
- (ii)
- he is aged under 65 or she is aged under 61 1 /2; and
- (b)
- he or she is an Australian resident on 1 July 2000; and
- (c)
- his or her taxable income as shown in his or her assessment for the qualifying year, or for either or each of the qualifying years, is less than $30,000, and he or she has annual adjusted savings and investment income for that year or those years; and
- (d)
- his or her adjusted business and wages income for the 1999-2000 income year does not exceed $1,000; and
- (e)
- he or she did not receive a disqualifying payment at any time during the 1999-2000 income year; and
- (f)
- the amount of the self-funded retirees supplementary bonus component, worked out under whichever of subsections 45(5) and (6) applies, is greater than nil.