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