ATO Interpretative Decision

ATO ID 2001/412 (Withdrawn)

Income Tax

Self-funded retirees supplementary bonus - taxable income not less than $30 000 - taxpayer aged between 55 and age pension age
FOI status: may be released

This ATO ID is a straight application of the law and does not contain an interpretative decision.

This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

CAUTION: This is an edited and summarised record of a Tax Office decision. This record is not published as a form of advice. It is being made available for your inspection to meet FOI requirements, because it may be used by an officer in making another decision.

This ATOID provides you with the following level of protection:

If you reasonably apply this decision in good faith to your own circumstances (which are not materially different from those described in the decision), and the decision is later found to be incorrect you will not be liable to pay any penalty or interest. However, you will be required to pay any underpaid tax (or repay any over-claimed credit, grant or benefit), provided the time limits under the law allow it. If you do intend to apply this decision to your own circumstances, you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed. You may wish to obtain further advice from the Tax Office or from a professional adviser.

Issue

Does a taxpayer, whose taxable income is not less than $30 000 in either or each of the 1998-1999 and 1999-2000 income years, qualify under subsection 41(3) of the A New Tax System (Bonuses for Older Australians) Act 1999 (BOA Act) for the 'self-funded retirees supplementary bonus component' of the savings bonus for older Australians (SBOA)?

Decision

No, a taxpayer whose taxable income is not less than $30 000 in either or each of the 1998-1999 and 1999-2000 income years does not qualify under subsection 41(3) of the BOA Act for the 'self-funded retirees supplementary bonus component' of the SBOA.

Facts

The taxpayer is aged between 55 and age pension age. In both the 1998-1999 and 1999-2000 income years, their taxable income was not less than $30 000.

Reasons for Decision

To qualify for the 'self-funded retirees supplementary bonus component' of the SBOA the taxpayer must satisfy certain age, residency and income conditions set out in subsection 41(3) of the BOA Act.

Paragraph 41(3)(c) of the BOA Act states a taxpayer will qualify for the bonus component if their taxable income as shown in their assessment(s) for the relevant year(s) is less than $30 000.

As the taxpayer's taxable income is not less than $30 000 in either of the 1998-1999 or 1999-2000 income years, the taxpayer does not qualify for the 'self-funded retirees supplementary bonus component' of the SBOA.

Date of decision: 5 September 2001

Legislative References:
A New Tax System (Bonuses for Older Australians) Act 1999
subsection 41(3)
paragraph 41(3)(c)

Related ATO Interpretative Decisions
ATO ID 2001/204

Keywords
Bonuses for older Australians
Adjusted savings and investment income

Business Line: Small Business/Individual Taxpayers

Date of publication: 29 September 2001

ISSN: 1445-2782

history

	Date:	Version:
	5 September 2001	Original statement
You are here	26 August 2005	Archived

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