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Stimulus: what you’d get, when you’d get it and how
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No doubt everyone has been madly trying to calculate how much they’ll get if the Nation Building and Jobs Plan is passed. There has been some confusion, so here it is plain and simple. There are five groups of one-off cash bonuses. 1) The Tax Bonus for Working Australians Who gets it? Australian resident taxpayers who paid tax in the 2007-2008 financial year, depending on income. How much do I get? $950 — If your taxable income was up to and including $80,000 $650 — If your taxable income exceeds $80,000 and is up to and including $90,000 $300 — If your taxable income exceeds $90,000 and is up to and including $100,000 Do I have to apply to get the money? No. How will it be paid? The Australian Taxation Office will make the payment automatically, the same way that you get your tax return. When do I get it? The payments will be made starting in April. What if I didn’t file a tax return? You have until the end of June to file your Tax Return and still be eligible. 2) Single Income Family Bonus Who gets it? Families who were receiving the Family Tax Benefit Part B on 03 February. How much do I get? $950. How will it be paid? Automatically by Centrelink into your nominated account (where your other Centrelink payments go). When do I get it? In the fortnight commencing 11 March 2009. 3) Farmer’s Hardship Bonus Who gets it? People who, on 03 February 2009, are receiving one of the following:
How much do I get? $950. How will it be paid? Automatically by Centrelink. When do I get it? In the fortnight commencing 24 March. 4) Back to School Bonus Who gets it? Families who are eligible for the Family Tax Benefit Part A (FTB-A) on 03 February 2009. How much do I get? $950 per eligible child of school age (4-18 at 03 February 2009). This is separate from and in addition to the Education Tax Refund. How do I get it? Automatically through Centrelink. When do I get it? In the fortnight commencing 11 March, except if you receive the FTB-A as a lump sum, in which case you get the payment next year. 5) Training and Learning Bonus The bonus consists of two categories: Category 1
Category 2
The big questions: Can I double dip? Yes. For example, if your taxable income was less than $80,000 and you are receiving the Family Tax Benefit Part B, you get the $950 Tax Bonus AND the Single Income Family Bonus (also $950). I’m a student not on Youth Allowance or a related payment, can I get the Training and Learning Bonus? No, you get nothing unless you filed a Tax Return for 07-08. In that case you get the Tax Bonus. I am a casual/part-time worker; do I get the money? If you filed your tax return, then yes. I’ve got three kids; do I get $950 for each? If you get the Family Tax Benefit Part A, then yes. What happens if the Plan is not passed in the Senate? We all get nothing … unless they approve something else. |
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10 Comments
Thanks for that Bernard.
Bernard, is that the same as the thingo on the Gov website or something more detailed?
Chris. Are the tax bonus thresholds indivudal tax payer based or combined family income?
RJG the thresholds are individual-based. It’s whatever your 2007-08 income was.
Tomorrow - and I admit I should have done this earlier - I will get Crikey to post the Q&A the Government handed around that actually covers off a goodly range of questions about implementation.
Ok, so presuming we DO get our cheques for $950, what is the best way to spend it so as to stimulate the economy to the maximum?
Whilst agreeing that there are not many new ways that this information could be presented, this article is awfully similar to the one featured here: http://www.smh.com.au/news/national/bhow-to-bag-bonusb/2009/02/05/1233423357209.html
On illegal drugs and gambling if you like!. It doesn’t matter “how” it goes round
The important thing is that the $ goes round and around
Yes, of course the idea is for the $$ to go round and round but what is the best way to make this happen? isn’t there something called the “multiplier efffect”..some ways of spending the cash might make it go round MORE or FASTER? any ideas anyone? do I buy an Icelandic bank at a bargain price, buy up big at the local farmers’ market or would the plasma and pokies do it better? would buying Australian products be better than overseas-made goods? are goods better than services in terms of jobs stabilisation/growth? what kinds of purchases would stimulate the economy and reduce the deficit (via taxes paid on the purchase) best????
Honestly, “how much will I get?”
Please grow up. This is about more than you and your plasma screen tv or a full tank for your x5 Beemer you manage to squeeze into Melbourne.
In the words of TISM “This is serious Mum”
Ok, my friend asked me about her situation and what she might get, I couldn’t figure it out so maybe you can.
She’s on a single mother pension with 2 kids at school(7@11), she works part time and is also completing her Degree (she works in the field of her degree) . I get that she gets the first two but does she get the Training and Education bonus and Single Income family bonus?