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  • Payments and transfers through the income tax system

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    Payments and transfers chapter

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    This chapter provides information on payments and transfers, as reported on individual and company tax returns. It covers a range of payments and transfers made through the tax system. Several of these payments provide assistance to families and individuals, such as the first child tax offset, family tax benefit and the private health insurance rebate. Both the research and development tax offset and the film and television tax offset provide targeted assistance to industry.

    The private health insurance rebate, the first child tax offset, the research and development tax offset and the film and television tax offset are refundable. This means that these offsets are not limited to the amount of tax payable.

    Other payments made by the ATO are fuel tax credits payments (see Chapter 14) and superannuation co-contribution payments (see Chapter 15).

    OVERVIEW

    For the 2006-07 income year:

    • $2.4 billion was paid in transfers through the tax system for the benefit of families and individuals, a 4.3% increase
    • the highest proportion of taxpayers claiming family tax benefit entitlements had a family adjusted taxable income in the $80,000 to $90,000 range - their average claim was $3,125, and
    • $306 million in tax offsets were claimed in the research and development industry, an increase of 11.9% over the previous income year.
     
      Last modified: 18 Mar 2009QC 21490