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


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#1 Beancat

Posted 04 July 2019 - 09:15 AM

Looks like the government has secured Lambies support in the senate and the tax reform bill will pass today

Great news for those who qualify for the $1080 rebate - but who actually gets it.  I have seen different reports - those earning up to $126K a year and those earning between $48k (I think) and $90k a year.  Does anyone have any idea? and if you earn above or below the thresehold do you get a portion or nothing?

#2 lozoodle

Posted 04 July 2019 - 09:24 AM

There's a table on this page for the low-med income offset? is that what you're referring to?
http://nexiaemnt.com...ts-2019-budget/

#3 Catzilla

Posted 04 July 2019 - 09:31 AM

Looks like $255 for me.

#4 Beancat

Posted 04 July 2019 - 09:42 AM

ah ha - yes this is it Iozoodle

the table in section 2 explains it perfectly

View PostCatzilla, on 04 July 2019 - 09:31 AM, said:

Looks like $255 for me.

zero for me, but $1080 for DH - so he better hurry up and do his tax

#5 Nobodyelse

Posted 04 July 2019 - 09:59 AM

Is the $48k gross income or taxable income?

Edited by Nobodyelse, 04 July 2019 - 10:04 AM.


#6 casime

Posted 04 July 2019 - 10:06 AM

Quote

And why do low income people get nothing? That seems quite cruel.


Reading that page, it looks like there is also a Low Income Tax Offset?  


Edited by casime, 04 July 2019 - 10:06 AM.


#7 Gonzy

Posted 04 July 2019 - 10:17 AM

Quote

Is the $48k gross income or taxable income?

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

#8 lozoodle

Posted 04 July 2019 - 10:24 AM

It would be individual, its just amendments to the existing tax offsets is it not?

Low income receive a different tax offset, but they don't pay much tax either, so the offset will be relative to that.

#9 Nobodyelse

Posted 04 July 2019 - 10:24 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?

I've earned right on 48k but after deductions, I'll miss out if it taxable. But normally that's specified, eight? Like unless it says specifically says 'taxable income' it is usually gross? Gosh I hope so. I'm a contractor who pays my tax at the end of the fiscal year so it'll make a huge difference if it can be applied to my bill.

#10 lozoodle

Posted 04 July 2019 - 10:38 AM

View PostNobodyelse, on 04 July 2019 - 10:24 AM, said:

I've earned right on 48k but after deductions, I'll miss out if it taxable. But normally that's specified, eight? Like unless it says specifically says 'taxable income' it is usually gross? Gosh I hope so. I'm a contractor who pays my tax at the end of the fiscal year so it'll make a huge difference if it can be applied to my bill.

Mmm that's interesting I'm not sure at what point it gets applied in the tax return process, I would assume it would be on your taxable income though wouldn't it? Which is how tax returns are calculated after taking out all your deductions? Unsure... maybe any member who is an accountant could clear that up?

#11 Renovators delight

Posted 04 July 2019 - 10:49 AM

There's a calculator on the ABC news page - type in your taxable income and it gives you a fair idea.

https://www.abc.net....t-plan/11276804

I'd like to be able to do my tax but neither my former employer nor my partner's employer (both commonwealth government departments) have submitted the necessary information to the ATO yet.

So we wait.

#12 Nobodyelse

Posted 04 July 2019 - 10:55 AM

View PostFresh Start, on 04 July 2019 - 10:43 AM, said:

The header for the income column says taxable income.

Given it’s a sliding scale if you are close to $48000 after deductions then you won’t be much off $1080. If it makes that much difference then don’t claim a small deduction and keep yourself at $1080.

I'm bang on 48k before any deductions so it looks like I pretty much get sweet eff all again.

Yay for being low income! (snark snark snarl snark)

#13 Gonzy

Posted 04 July 2019 - 10:57 AM

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

#14 born.a.girl

Posted 04 July 2019 - 11:03 AM

View PostNobodyelse, on 04 July 2019 - 10:55 AM, said:

I'm bang on 48k before any deductions so it looks like I pretty much get sweet eff all again.

Yay for being low income! (snark snark snarl snark)


Yes, you will.  You can get a max of $1080 for taxable incomes between $37k and $48k.

#15 born.a.girl

Posted 04 July 2019 - 11:04 AM

I wish places like the ABC would not just use words like 'income'. Given the level of understanding in the general community is low anyway, they need to be more specific.

#16 Jane Jetson

Posted 04 July 2019 - 11:05 AM

MIddle class fricking welfare. How about we raise NewStart instead, huh?

#17 purplekitty

Posted 04 July 2019 - 11:06 AM

Just used the calculator.

Low income earners have a stable tax cut through 2025 but high income earners start with a $100 in 2019 rising to $11,000 in 2025.

Nice.  /sarcasm.

#18 BornToLove

Posted 04 July 2019 - 11:06 AM

View PostNobodyelse, on 04 July 2019 - 10:55 AM, said:



I'm bang on 48k before any deductions so it looks like I pretty much get sweet eff all again.

Yay for being low income! (snark snark snarl snark)

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.

#19 Purple Polka Dots

Posted 04 July 2019 - 11:07 AM

View PostNobodyelse, on 04 July 2019 - 10:55 AM, said:

I'm bang on 48k before any deductions so it looks like I pretty much get sweet eff all again.

Yay for being low income! (snark snark snarl snark)

It might be worth calculating what your tax would be with your deductions and then without - and claiming the $1080? Work out which one will give you more money.

#20 born.a.girl

Posted 04 July 2019 - 11:09 AM

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

MIddle class fricking welfare. How about we raise NewStart instead, huh?


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.

#21 born.a.girl

Posted 04 July 2019 - 11:13 AM

View PostPurple Polka Dots, on 04 July 2019 - 11:07 AM, said:

It might be worth calculating what your tax would be with your deductions and then without - and claiming the $1080? Work out which one will give you more money.


I would be astonished if the tax payable on the larger income was not greater than the offset gained.  This rebate is based on the more tax you pay, the greater your rebate, up to a certain point.

You can't just calculate the rebate, you need to also take into account the tax payable on an income of $48k, compared with (say) and income of $44k.

Under $90k, people shouldn't be spending any time worrying about going over, or keeping under the different levels.

#22 Gumbette

Posted 04 July 2019 - 11:16 AM

View Postborn.a.girl, on 04 July 2019 - 11:03 AM, said:

Yes, you will.  You can get a max of $1080 for taxable incomes between $37k and $48k.

Yes, that's how I read it.  

I don't need it, probably won't notice it and it won't buy my vote.  Stupid policy. Handing out money to those that will probably save it anyway, instead of increasing the amount given to low income earners who will spend it immediately.  How is that going to help the economy?

#23 Nobodyelse

Posted 04 July 2019 - 11:17 AM

View Postborn.a.girl, on 04 July 2019 - 11:03 AM, said:

Yes, you will.  You can get a max of $1080 for taxable incomes between $37k and $48k.

The point being I won't get the max of $1080 because I will fall under the threshold. I'll get $255 plus a figure I won't know until I do my return.

It is frustrating and annoying because lately the government just seems to be giving more and more breaks and benefits to those who are already in the upper income brackets while those of us at the bottom are left to flounder with ever increasing costs of living, stagnent wages, reduced funding, cut services...

Franking credits. Tax breaks. Parliamentary pay rises. I just feel like I'm forever being slapped in the face.

I worked so hard to double my income this fiscal year and I'm still below the threshold of the government giving a sh*t about me.

Vent. Grumble. Sigh.

#24 born.a.girl

Posted 04 July 2019 - 11:18 AM

Tax, less offset, on $48k = $6067

Tax, less offset, on $44k = $5067



All else being equal, I know which one I'd choose, and it certainly wouldn't be skipping the deductions!

Same logic applies for the figures either side of $44k.

#25 born.a.girl

Posted 04 July 2019 - 11:23 AM

View PostNobodyelse, on 04 July 2019 - 11:17 AM, said:

The point being I won't get the max of $1080 because I will fall under the threshold. I'll get $255 plus a figure I won't know until I do my return.

It is frustrating and annoying because lately the government just seems to be giving more and more breaks and benefits to those who are already in the upper income brackets while those of us at the bottom are left to flounder with ever increasing costs of living, stagnent wages, reduced funding, cut services...

Franking credits. Tax breaks. Parliamentary pay rises. I just feel like I'm forever being slapped in the face.

I worked so hard to double my income this fiscal year and I'm still below the threshold of the government giving a sh*t about me.

Vent. Grumble. Sigh.


I still disagree, sorry. If you are going to be 'just under' then you are going to get nearly that much.

It's not a hurdle to jump over.  You could argue that the sweet spot is $48k or below.

If your taxable income falls below $48k, then so does your tax. They are giving a % of tax back.


In fact, if any 'below average weekly wages' people wanted to complain about it, it would be the ones earning more than $48 who could claim they're being shafted.

You need to ignore the $48k figure, those above get proportionally less, compared with the tax they pay.  Those below don't.


ETA: I agree with the sentiments, I actually felt sick when I heard the election results (was way out of wifi contact for several days, so didn't even see it coming on the night), but you're looking at the figures from the wrong angle.

Edited by born.a.girl, 04 July 2019 - 11:24 AM.





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