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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, the private health insurance tax offset and the newly introduced education tax refund. Both the research and development tax offset and the film and television tax offset provide targeted assistance to industry.

    The education tax refund (ETR) is a fully refundable tax offset that became available to eligible individuals in the 2008-09 income year. Those eligible individuals claim the refund in their individual tax return or, for those not required to lodge an income tax return, through a stand-alone claim form. The private health insurance tax offset, 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 2008-09 income year:

    • $842 million was paid in transfers through the tax system for the benefit of families and individuals (excluding the one-off tax bonus payment).The family tax benefit is no longer paid through the tax system
    • $457 million in tax offsets were claimed in the research and development industry, an increase of 17.6% over the previous income year
    • $7.7 billion in tax bonus payments were paid to around 8.9 million individuals based on their 2007-08 income tax returns.
     
      Last modified: 18 Oct 2011QC 23907