One-time 360 Euro bonus per child – to be paid out in September

In September 2020, the child bonus of 360 euros will be paid out. Families will receive this one-time payment for each child for which family allowance is received.
This was announced by the Federal Ministry of Finance. (see https://www.finanz.at/news/360-euro-kinderbonus-september-1272/) This measure was already decided in June as part of the early tax reform and Corona assistance. An application for the child bonus will not be necessary.

Together with the increase of the Family Bonus Plus from 1,500 euros per child under 18 years of age currently to 1,750 euros and the reduction of the first wage tax class from 25 to 20 percent, this measure is intended to provide families with tax relief of up to 2,810 euros per child per year. The Family Bonus Plus will also be increased in 2020. The reduction in wage and income tax will also take place in September. It will apply retroactively from January 2020.

“All in all, we are relieving the burden on Austrians by 1.6 billion euros,” said Finance Minister Gernot Blümel (ÖVP).

Employees whose income is below the tax-free threshold of 11,000 euros per year – i.e. who do not pay taxes – are also to be relieved. From September they will have the opportunity to claim an increase in the SV refund. In addition, the surcharge on the traffic tax deduction will be increased from the current maximum of 300 euros to 400 euros in the future.
“Thanks to our relief measures, people will have more to live on. At the same time, we are providing economic stimulus on the demand side that will secure Austrian jobs,” explained Finance Minister Blümel.

— Hector Pascua, Source: finanz.at Picture: stockilyapp.com

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