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ATO Interpretative Decision

ATO ID 2001/418 (Withdrawn)

Income Tax

Aged persons savings bonus - not aged 60 or more on 1 July 2000
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you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed.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, who is not aged 60 or more on 1 July 2000, qualify under subsection 41(1) of the A New Tax System (Bonuses for Older Australians) Act 1999 (BOA Act) for the 'aged persons savings bonus component' of the savings bonus for older Australians (SBOA)?

Decision

No, a taxpayer who is not aged 60 or more on 1 July 2000 does not qualify under subsection 41(1) of the BOA Act for the 'aged persons savings bonus component' of the SBOA.

Facts

The taxpayer is not aged 60 or more on 1 July 2000.

Reasons for Decision

To qualify for the 'aged persons savings bonus component' of the SBOA a taxpayer must satisfy certain age, residency and income conditions set out in subsection 41(1) of the BOA Act.

Under paragraph 41(1)(a) of the BOA Act, a taxpayer will qualify for the bonus component if they are aged 60 or more on 1 July 2000.

As the taxpayer is not aged 60 or more on 1 July 2000, the taxpayer does not qualify for the 'aged persons savings bonus component' of the SBOA.

Date of decision:  11 September 2001

Legislative References:
A New Tax System (Bonuses for Older Australians) Act 1999
   subsection 41(1)
   paragraph 41(1)(a)

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:
  11 September 2001 Original statement
You are here 26 August 2005 Archived

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