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


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#26 Beancat

Posted 04 July 2019 - 11:24 AM

View PostGonzy, on 04 July 2019 - 10:17 AM, said:

I was wondering this also, for both 48 and 126, and is it household income, or individual?

taxable

#27 Beancat

Posted 04 July 2019 - 11:27 AM

View PostBornToLove, on 04 July 2019 - 11:06 AM, said:

My income is just under $48,000 and per the ABC website calculations, I’ll get back a fair bit regardless. It’s annoying to be so close and not get all of it, but I’m not complaining.

Does anyone know how long the changes will take to filter to the ATO and get it automatically factored into my taxes? I usually do our taxes in late July/early August, but will put it off longer if needed.

the Age noted that ATO staff are ready to work all weekend to implement it so it can be applied retrospectively immediately

#28 Jane Jetson

Posted 04 July 2019 - 11:34 AM

View Postborn.a.girl, on 04 July 2019 - 11:09 AM, said:

Or even pay it.  My daughter applied very beginning of May. They tell her when she calls it's 'in process', but then up will pop a message asking her to send paperwork she submitted with the claim, and in the phone calls she was told everything was in order.  The clincher came two weeks ago when she got a text saying she had to send them details of her investments in Afghanistan!


She's already had a robodebt which took ages to sort out (not a cent of the $2500 was actually payable) so is very wary of the system.

What the hell.

Honestly, even Douglas Adams couldn't make this sh*t up.

Which, I'm very aware, is the point. Make those who are undesirables to the Coalition so scared of accessing the system that they just go it alone.

#29 Ozquoll

Posted 04 July 2019 - 11:40 AM

View PostJane Jetson, on 04 July 2019 - 11:05 AM, said:

MIddle class fricking welfare. How about we raise NewStart instead, huh?
But if we do that the dole-bludgers won’t have any incentive to get a job!! We need to encourage them to be lifters instead of leaners. There’s plenty of jobs out there! They could start a business. They all have twelve children by fifteen different fathers just so they can get the dole. My taxes pay for them to sit on their a*se all day smoking weed.....


(Sarcasm, in case it wasn’t obvious)

#30 steppy

Posted 04 July 2019 - 11:45 AM

I think it's a Medicare killer. I'd rather pay tax and have Medicare thanks for nothing LNP.

#31 born.a.girl

Posted 04 July 2019 - 11:46 AM

View PostJane Jetson, on 04 July 2019 - 11:34 AM, said:

What the hell.

Honestly, even Douglas Adams couldn't make this sh*t up.

Which, I'm very aware, is the point. Make those who are undesirables to the Coalition so scared of accessing the system that they just go it alone.


She would have paid the $2500 if she'd had the money. She just assumed she was the one who'd made a mistake. After all, Centrelink and the ATO don't make those sorts of silly mistakes do they?

Working Oct - Dec, Youth allowance (only) from Jan - June.

#32 Nobodyelse

Posted 04 July 2019 - 11:47 AM

Born.A.Girl.

I'm not really looking at it wrong. I get your explanation, thanks. (sounds snark but actually sincere).

That's not why I'm really annoyed. Sure, missing out on any money myself is sh*t but the inequality of it all during an economic turndown while services for the poor are being stripped and cut just boils my blood.

I'm also annoyed at the media for using the 1080 figure like it is the minimum people will get across the board.

There are going to be a lot of disappointed people filing their taxes thinking they're going to get a nice little extra to ease their financial stress who end up with sweet eff all (meaning not enough to really make a difference).


Posted Image

#33 Cimbom

Posted 04 July 2019 - 11:58 AM

I had to withdraw from my super a few weeks back to pay for medical expenses and had the privilege of paying 20% tax on that withdrawal so this "tax break" really just takes me back to 0. Fun times :rolleyes:

What an irrational society we've become when people are taxed more because they have a disability or medical condition but the wealthy with plenty of investments get freebies.

#34 born.a.girl

Posted 04 July 2019 - 12:04 PM

View PostNobodyelse, on 04 July 2019 - 11:47 AM, said:

Born.A.Girl.

I'm not really looking at it wrong. I get your explanation, thanks. (sounds snark but actually sincere).

That's not why I'm really annoyed. Sure, missing out on any money myself is sh*t but the inequality of it all during an economic turndown while services for the poor are being stripped and cut just boils my blood.

I'm also annoyed at the media for using the 1080 figure like it is the minimum people will get across the board.

There are going to be a lot of disappointed people filing their taxes thinking they're going to get a nice little extra to ease their financial stress who end up with sweet eff all (meaning not enough to really make a difference).


Posted Image


Yes, the media promoting it the way they do hasn't helped.


Look at it this way.  People earning $37k up to $48k will get proportionally more than anyone earning above $48k.

#35 born.a.girl

Posted 04 July 2019 - 12:07 PM

View PostCimbom, on 04 July 2019 - 11:58 AM, said:

I had to withdraw from my super a few weeks back to pay for medical expenses and had the privilege of paying 20% tax on that withdrawal so this "tax break" really just takes me back to 0. Fun times :rolleyes:

What an irrational society we've become when people are taxed more because they have a disability or medical condition but the wealthy with plenty of investments get freebies.


Yeah, the tax adjustment back as though it's never been in super, when the conditions for release are so strict, is bizarre.

If they are going to make it compulsory, and concessionally taxed for retirement, it's worth them remembering that there will be people who don't make it to retirement if they don't have the treatment.


(Although I would qualify this by saying that should only apply to compulsory super, which is the case for most people.)

#36 purplekitty

Posted 04 July 2019 - 03:23 PM

The change to the HECS threshold will eat into the tax cut as well.

https://www.theguard...re_iOSApp_Other

#37 casime

Posted 04 July 2019 - 03:36 PM

That article applies to me, my recent pay increment change means that I'm paying more in HECS than my wage has changed by.  

I think I'll be using my $1080 to pay back my HECS quicker and get that off my back.  



#38 PrincessPeach

Posted 04 July 2019 - 03:48 PM

View PostBornToLove, on 04 July 2019 - 11:06 AM, said:



My income is just under $48,000 and per the ABC website calculations, I’ll get back a fair bit regardless. It’s annoying to be so close and not get all of it, but I’m not complaining.

Does anyone know how long the changes will take to filter to the ATO and get it automatically factored into my taxes? I usually do our taxes in late July/early August, but will put it off longer if needed.

From the information the ATO were telling my colleague, they are not even commencing processing returns until the legislation has been passed.

So that ties in with what a PP was saying the ato staff are going to work this weekend. If it's passed today, then I'd say Monday they start processing.

Edited by PrincessPeach, 04 July 2019 - 03:51 PM.


#39 Cimbom

Posted 04 July 2019 - 03:58 PM

The upcoming financial year (2019-20) is also the first one during which certain medical/disability expenses will no longer have a tax offset applied. This is a big “saving” to taxpayers apparently :rolleyes:

Edited by Cimbom, 04 July 2019 - 03:59 PM.


#40 Lesley225

Posted 04 July 2019 - 06:00 PM

View PostGonzy, on 04 July 2019 - 10:57 AM, said:

I was assuming taxable income (not gross) in the same way that applies to things like child support contributions, FTB, childcare rebates etc?

Off I go to use that calculator lol

No FTB etc goes to ATI - adjustable taxable income.  

It's always going to be taxable income unless it's ATI.  ATI is taxable income with net rental losses, reportable fringe  benefits, tax free income and such like added back in.

All the income you put in the income test part of the return.

#41 Lesley225

Posted 04 July 2019 - 06:19 PM

View PostPrincessPeach, on 04 July 2019 - 03:48 PM, said:

From the information the ATO were telling my colleague, they are not even commencing processing returns until the legislation has been passed.

So that ties in with what a PP was saying the ato staff are going to work this weekend. If it's passed today, then I'd say Monday they start processing.

They never start processing on 1/7 there's always testing and run throughs to go through first.  

View PostCimbom, on 04 July 2019 - 03:58 PM, said:

The upcoming financial year (2019-20) is also the first one during which certain medical/disability expenses will no longer have a tax offset applied. This is a big “saving” to taxpayers apparently Posted Image

It's been phasing out for years.  Firstly you couldn't claim it unless you'd claimed it in a previous base year and even before that the higher your income was the less you could claim and then it was only for disability aids and aged care amounts.  Been many years since you could claim it for actual medical expenses.

#42 Cimbom

Posted 04 July 2019 - 06:33 PM

View PostLesley225, on 04 July 2019 - 06:19 PM, said:

It's been phasing out for years.  Firstly you couldn't claim it unless you'd claimed it in a previous base year and even before that the higher your income was the less you could claim and then it was only for disability aids and aged care amounts.  Been many years since you could claim it for actual medical expenses.
Yes and this current financial year you can’t claim it at all which I find ridiculous considering the types of things you can claim. The little bit I got back didn’t come close to covering my actual costs but it was nice to get something. If they tighten up the rules for accessing super for medical expenses even more (which the government has said they are interested in) I’m not sure what I will do. As ridiculous as it sounds I might not be able to afford to go to work or will need to take out big debts to do so.

#43 kim27

Posted 04 July 2019 - 06:33 PM

Can I just have a whinge here? The day the tax cuts go through and my one and only TV decides to go on the blink. Just my luck. Nothing is built to last anymore : (

#44 teaspoon

Posted 04 July 2019 - 07:25 PM

View Postkim27, on 04 July 2019 - 06:33 PM, said:

Can I just have a whinge here? The day the tax cuts go through and my one and only TV decides to go on the blink. Just my luck. Nothing is built to last anymore : (

Well your timing is bang on!

Just reading SMH article, cheap TVs set to flow as $158 billion tax cut package passes Parliament.

"There are going to be a lot of big-screen TVs going out the door on the back of this."

#45 PrincessPeach

Posted 04 July 2019 - 07:38 PM

View PostLesley225, on 04 July 2019 - 06:19 PM, said:


They never start processing on 1/7 there's always testing and run throughs to go through first.  


True, but it's still usually before the 8th!

#46 lazycritter

Posted 05 July 2019 - 12:04 AM

Something fishy about the whole thing.  I typed in 40k in the calculator and it said I only get $480

#47 Expelliarmus

Posted 05 July 2019 - 12:22 AM

I am woefully uninformed ... I have no idea what this means for me. Didn't even know about it because financial things confuse me a lot. I just put the numbers in mygov and let it do it's thing,

I do know DH HECS was paid last year and I should have paid my HECS off by this year though. I think ... it's been a killer that debt. Looking forward to it being gone!

#48 SplashingRainbows

Posted 05 July 2019 - 07:50 AM

ATO have advised tax agents no refunds before 16 July.

https://www.ato.gov....e-for-tax-time/

#49 born.a.girl

Posted 05 July 2019 - 08:00 AM

View Postlazycritter, on 05 July 2019 - 12:04 AM, said:

Something fishy about the whole thing.  I typed in 40k in the calculator and it said I only get $480


What's 'fishy' about it?



On $48k, people get a 6.6% tax offset.

On $44k, people get a 7.4% tax offset.

On $40k, people get a 10.8% tax offset.

#50 lozoodle

Posted 05 July 2019 - 08:05 AM

View Postlazycritter, on 05 July 2019 - 12:04 AM, said:

Something fishy about the whole thing.  I typed in 40k in the calculator and it said I only get $480

Why is that fishy? On 40k you only pay around $4500 in tax a year, seems right for offset percentage that income range...




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