Lump sum Economic Security Strategy Payments
On 14 October 2008, the Government announced a $10.4 billion Economic Security Strategy to strengthen the Australian economy and support Australian households.
What is the Economic Security Strategy Payment?
The Economic Security Strategy Payment is:
- $1,000 for each eligible Family Tax Benefit Part A child;
- not taxable income and is not considered income for social security or family assistance purposes; and
- not ongoing.
Can I get the Economic Security Strategy Payment?
You can get the payment if, on 14 October 2008:
- You were receiving fortnightly payments of Family Tax Benefit Part A; or
- You were entitled to Family Tax Benefit Part A, but you chose to defer your payment to the end of the year under a payment option.
If you share the care of your child or children and have at least 35 per cent care you may be entitled to a portion of the payment. The payment will be shared according to the Family Tax Benefit percentage of each child.
Important information about the Lump sum Economic Security Strategy PaymentsThe majority of Economic Security Strategy payments were made in December 2008. In most cases, to receive an Economic Security Strategy payment you must have been eligible for a qualifying Centrelink payment on 14 October 2008. If you were eligible for a bonus, it would have been automatically paid into your bank account.
If you claim your Family Tax Benefit annually as a lump sum and you are eligible for an Economic Security Strategy payment, you will receive this automatically provided your Family Tax Benefit claim and your income tax return(s) for 2008-09 are both lodged by 30 June 2011.
If you become eligible for an Economic Security Strategy payment when your Family Tax Benefit for 2008-09 is reconciled, you will receive your Economic Security Strategy payment automatically provided your tax return(s) for 2008-09 are lodged by 30 June 2011.