$950 paid to every eligible Australian worker

Immediate Stimulus to Support Jobs and Economic Growth (source Prime Minister of Australia media release - see this link for more details).

The $42 billion nation building and jobs plan announced by the government yesterday has five components. This is the fith component and the one many Australians are interested in. The following is an excerpt from the Prime Minister's media release.

"Targeted bonuses to low and middle income households will provide an immediate stimulus to the economy and support Australian jobs. In conjunction with the payments delivered as part of the $10.4 billion Economic Security Strategy announced in October, these measures have been designed to assist those groups most affected by the flow-on effects of the global recession.

The five one off cash bonuses included in today’s plan are the:

  • Tax Bonus for Working Australians of up to $950 paid to every eligible Australian worker earning $100,000 or less. This will support up to 8.7 million individuals.
  • $950 Single Income Family Bonus to support 1.5 million families with one main income earner.
  • $950 Farmers' Hardship Bonus paid to around 21,500 drought affected farmers and farm dependent small business owners receiving exceptional circumstances related income support.
  • $950 per child Back to School Bonus to support 2.8 million children from low- and middle-income families.
  • $950 Training and Learning Bonus paid to students and people outside of the workforce returning to study to help with the costs of education and training.

Copyright 2014. My Tax Zone.