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Taxbill to pass the senate - but who gets the $1080 rebate?


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#126 born.a.girl

Posted 10 July 2019 - 07:48 PM

View PostJRA, on 10 July 2019 - 07:35 PM, said:





I thought everyone got something unless they earned over $126K or such. Is that not the case. Or are you complaining as you are over $126K you don't get it.


It's a tax offset, not an increase in welfare.  You have to be paying tax to get it.

Wouldn't be so bad if they'd given newstart recipients a survivable amount, and when you even have employer groups saying newstart is not enough, then you know it;s definitely not enough!

Two different systems, one is getting a benefit, the other is not.

#127 Nobodyelse

Posted 10 July 2019 - 07:52 PM

View PostJRA, on 10 July 2019 - 07:35 PM, said:

I must admit I don't get why people are up in arms about it being a tax offset rather than a tax cut (other than the amount they get). Either way for those that receive it, they pay less tax, whether it is a tax offset or a tax cut.





I thought everyone got something unless they earned over $126K or such. Is that not the case. Or are you complaining as you are over $126K you don't get it.

Many people won't get it because they fall in the little void between getting the offset and their HECS threshold being lowered. So any offset is taken straight back.

Which is what will happen to me.

#128 Lunafreya

Posted 10 July 2019 - 09:41 PM

View Postborn.a.girl, on 10 July 2019 - 07:48 PM, said:




It's a tax offset, not an increase in welfare.  You have to be paying tax to get it.

Wouldn't be so bad if they'd given newstart recipients a survivable amount, and when you even have employer groups saying newstart is not enough, then you know it;s definitely not enough!

Two different systems, one is getting a benefit, the other is not.
Yup. I don’t pay tax. I’m a leaner, not a lifter.

#129 JRA

Posted 10 July 2019 - 09:45 PM

Quote

It's a tax offset, not an increase in welfare.  You have to be paying tax to get it
Wouldn't that be the same if it was a tax rate decrease. If you are not paying tax you dont get it.

The HECS thing, YEP THAT SUCKS.

ETA: Yes, I agree that increase in some key benefits would have been better. I thought people were complaining it was an offset, not a tax cut. My bad

Edited by JRA, 10 July 2019 - 09:46 PM.


#130 Lunafreya

Posted 10 July 2019 - 09:52 PM

Whereas labor to prevent the GFC actually have put money, not a tax cut. I remember my parents were asking where their hand out was as they didn’t get it.

Is this supposed to be a quasi-stimulus?

#131 born.a.girl

Posted 11 July 2019 - 07:30 AM

View PostNobodyelse, on 10 July 2019 - 07:52 PM, said:

Many people won't get it because they fall in the little void between getting the offset and their HECS threshold being lowered. So any offset is taken straight back.

Which is what will happen to me.


Much as i disagree with the HECS threshhold lowering, your debt is being reduced, although you won't get anything in your hand.

My daughter's debt is not being reduced.

#132 FuzzyChocolateToes

Posted 11 July 2019 - 01:51 PM

Did anyone else see the full name of this piece of legislation on Mad As Hell? It's the
Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019.
Says it all really. They forgot "screw everybody else " in those brackets.

Edited by FuzzyChocolateToes, 11 July 2019 - 01:57 PM.


#133 Ozquoll

Posted 11 July 2019 - 01:57 PM

View PostFuzzyChocolateToes, on 11 July 2019 - 01:51 PM, said:

Did anyone else see the full name of this piece of legislation on Mad As Hell? It's the
Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019
Says it all really.
It hurts to roll my eyes as much as that name deserves 🙄

#134 steppy

Posted 11 July 2019 - 02:07 PM

I really don't see how being taxed less makes you decide to work more. That's just stupid. Is that for people who weren't really sure whether they'd bother to work or not because they are already rich?

What's the story there? Are second jobs now tax free or something?

Edited by steppy, 11 July 2019 - 02:08 PM.


#135 Lunafreya

Posted 11 July 2019 - 02:20 PM

Says it all. You don’t count if you don’t work.

You just don’t count.

I have no idea why people vote for a party with so little compassion that hates the poor and the unemployed.

#136 Lucrezia Borgia

Posted 11 July 2019 - 02:22 PM

i think the tory thinking is that if more money from your toils remains in your pocket, then you’ll be willing to toil more...but if it’s going to just land in the hands of the ato, then why increase your productivity. i don’t think many people actually think this way. but i’d say that’s the lunar right reasoning.


#137 Lunafreya

Posted 11 July 2019 - 02:28 PM

Of course, the ones who put these laws in place don’t work. Even when they leave parliament they can be on the gravy train for the rest of their lives.

#138 Bam1

Posted 11 July 2019 - 06:17 PM

Yes I dont think how much tax you pay makes too much difference

My OT is paid so if I work more than 37h a week I get more and it wouldn’t matter even if it was tax free don’t as I prefer to spend more family time then spend even longer at work

There was a time though when we needed the extra money to survive and I wasn’t at a firm that paid OT so I took an additional job that paid half my usual rate. It was like a huge tax on my normal wage but we needed the money.

#139 Lesley225

Posted 12 July 2019 - 07:37 AM

View PostJRA, on 10 July 2019 - 09:45 PM, said:

Wouldn't that be the same if it was a tax rate decrease. If you are not paying tax you dont get it.


It's the way everyone is talking about it.  People are expecting money into their accounts they're not going to get.

And a tax rate cut means you get a pay increase every pay period.  An offset only once a year on lodgment of your return.

#140 gettin my fance on

Posted 12 July 2019 - 02:51 PM

And with the MyGov and ATO systems crashing ain't nobody gonna get their money soon.

Let's see, could it be because every man and his dog now requires a MyGov account just to access their group certificates?

#141 Lunafreya

Posted 12 July 2019 - 02:58 PM

Yup. And they’ve made cuts to it.

Talk about expecting to make a cake without eggs.

#142 JRA

Posted 14 July 2019 - 03:09 PM

Quote

And a tax rate cut means you get a pay increase every pay period.  An offset only once a year on lodgment of your return

True

Most people on end seem to prefer to get a return as “enforced” savings.

Too long since I have been a regular employee

#143 born.a.girl

Posted 14 July 2019 - 03:58 PM

View PostJRA, on 14 July 2019 - 03:09 PM, said:

True

Most people on end seem to prefer to get a return as “enforced” savings.

Too long since I have been a regular employee


I must be in the minority, I would prefer to have the increase banked to its own account, one where it's a bit of a pain to access, so it's not too tempting. Obviously with a mortgage the best way for those with good control of their money is to have it paid there, but I absolutely understand the 'enforced savings' idea - it's partly what the barefoot investor works on.

#144 Lees75

Posted 14 July 2019 - 04:25 PM

Is the $1080 on top of the old low income offset? Otherwise it is not really as massive as they are making it sound for a lot of people.

#145 born.a.girl

Posted 14 July 2019 - 04:40 PM

View PostLees75, on 14 July 2019 - 04:25 PM, said:

Is the $1080 on top of the old low income offset? Otherwise it is not really as massive as they are making it sound for a lot of people.


It's nothing to do with the old low income offset.


It's a new, middle income offset.


It's not even an amount of $1080 apart from people with taxable incomes of $48k - $90k.  It's effectively a '% of tax rebate' with a max of $1080, and tapering after $90k taxable income.


I linked two reputable calculators up above from The ABC and The Guardian.

#146 Lees75

Posted 14 July 2019 - 05:14 PM

View Postborn.a.girl, on 14 July 2019 - 04:40 PM, said:




It's nothing to do with the old low income offset.


It's a new, middle income offset.


It's not even an amount of $1080 apart from people with taxable incomes of $48k - $90k.  It's effectively a '% of tax rebate' with a max of $1080, and tapering after $90k taxable income.


I linked two reputable calculators up above from The ABC and The Guardian.
Yes, I just re-read the budget information and the LITO and new LMITO are being combined, but not until 2022-23.

#147 nom_de_plume

Posted 14 July 2019 - 05:55 PM

I get a tax bill this year thanks to changing jobs midway through the year. Salary sacrificing pushes me into a higher bracket for HECS repayments and the Medicare levy, plus I had my LSL paid out by my previous employer.

So for me it means that instead of having to pay the government $6200, I’ll only have to pay $5120. I’m not about to look a gift horse in the mouth but I also won’t be spending any more as a result of it. Just means my savings will take less of a hit than I originally thought.




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