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Bank takes new €50 note on Austrian-wide tour

Forget Beyonce or Muse - this is the tour you want to make sure you catch in 2016.

Published: 22 July 2016 11:28 CEST

Bank takes new €50 note on Austrian-wide tour

OeNB

Austria’s National Bank (OeNB) is hitting the road this summer to showcase the country’s new €50 note before it gets printed next year.

From July 22nd to September 20th 2016, the bank’s Euro-Bus will be travelling around the country and presenting the new note to Austrians.

Only the eagle-eyed will be able to tell the difference between the old and new €50, which includes a new hologram of the mythical Greek character Europa and a slight change in colour of the number on the note.

In the first half of 2016 the €50 note was the most counterfeited note in Austria but improvements to the design will now make it harder for counterfeiters, according to the OeNB.

Photo: OeNB

As well as showcasing the new note, the Euro-Bus will also act as an information point for anyone with questions about the areas the bank is responsible for, including financial stability and cash payments.

Anyone who still has some Schilling – Austria’s former currency before it adopted the Euro in 1999 – knocking about can also take them to be exchanged at the Euro-Bus.

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EXPLAINED: The tax benefits that parents and families receive in Austria

Raising a family can be expensive – particularly in years of rising inflation costs, and parents still need to deal with high tax expenses in a country like Austria, where the social system is strongly based on these payments.

However, the government offers various tax benefits to help ease the financial burden for parents and families. Understanding these benefits can have a tangible impact on households every year.

Here are the key tax advantages available to support families in Austria. All numbers are 2024 values as they are adjusted for inflation yearly.

READ ALSO: Why it’s worth filling in your annual tax return in Austria

Family Bonus Plus and multi-child supplement

The Family Bonus Plus (Familienbonus Plus) is a deductible amount that can provide a tax credit of up to € 2,000.16 per child (or up to €650.16 for a child older than 18). The basic prerequisite is that you or your partner receive a family allowance (Familienbeihilfe) for the child.

You can split the tax bonus with your partner. It’s recommended that you check with your partner about the best way to split it so you can benefit from the tax relief to the fullest. You can also decide how each child’s bonus is divided up.

If you pay no or very little income tax, you may receive the additional child allowance of up to €550 per child and calendar year instead of the tax benefit.

The multi-child supplement (Mehrkindzuschlag) is a tax benefit that people with three kids or more might receive of €21.20 per month and per child, provided the family income was less than €55,000 in the previous year.

Relief for sole-earners

The benefit called Entlastung für Alleinverdienende exists for families in which at least one parent earns a low income and then can receive the sole earner deductions, which increase with the number of children. To be eligible, you must be entitled to the Familienbeihilfe for at least six months, married or cohabited for at least six months, and your partner’s income totalled a maximum of €6,312 in the year.

Not every payment counts towards that amount, so, for example, tax-free special payments (such as overtime or night work) and childcare allowance (Kinderbetreuungsgeld) don’t count. The amount of the tax cut depends on how many children you have (and they must’ve received Familienbeihilfe for at least six months that year). For one child, the benefit is €520; for two, it is €704, and there is a €232 tax relief for each one.

READ ALSO: Taxes, benefits and price increases – the money changes in Austria in 2024

Relief for single parents

If you live alone with your children, you are entitled to the single-parent deduction (Entlastung für Alleinerziehende or AEAB). This amount is deducted from your tax for each child for whom you are entitled to the Familienbeihilfe for more than six months in a calendar year. To be entitled to it, you also cannot have been in a valid marriage, registered partnership or cohabitation for more than six months in the tax year.

The tax credit amount depends on how many children you have. For one child, the benefit is €520; for two, it is €704, and there is a €232 tax relief for each one.

Relief for child support providers

If your children don’t live with you but you pay mandatory maintenance (child support), these payments are taken into account with the relief for the maintenance provider’s benefit (Entlastung für Unterhaltsleistende or UHAB).

This tax credit requires that your children do not live with you but live in Austria, the EU, an EEA state or Switzerland. You also cannot be entitled to the family allowance for these children and demonstrably pay child support for them.

If you provide maintenance for a child who lives in a third country, you are not entitled to UHAB, but you can claim these payments as an “extraordinary burden” in your tax assessment.

How can I claim these benefits?

If you don’t already have them claimed via your employer (which would show in your monthly payslip), you can claim them by doing your yearly tax assessment. The easiest way is to do it online via the FinanzOnline portal.

However, you can also reach out to any office of the Austrian tax office to obtain the necessary forms and then send them filled by the post office.

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