Self-funded retirees supplementary bonus - taxable income not less than $30,000 - taxpayer of age pension age

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(2) 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)?

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(2) of the BOA Act for the 'self-funded retirees supplementary bonus component' of the SBOA.

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

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(2) of the BOA Act.

Paragraph 41(2)(c) 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.