So how does this proposed government handout work?

[AussieTerry84]

the $950 stimulus thingy, how do they know who to give it to? and how DO you get it if it goes through and your eligible? is it a centrelink thing.


Just trying to make some sense out of it as I hear alot of people jabbering on about it but I haven't been following the news much with how I work nights, I know Turnbull is being a prick and rejecting it.


The point of it is to get the economy going yeah?

I think $950 in my pocket is a good thing but what do you think of it?

 

[Goreripper]

Well Terry, first of all, you need to have kids. If you don't have kids, you don't get it. If you have kids, you get it as part of your parenting allowance. If your kids are at school, you get it twice. It isn't going to help the economy that much. I reckon they should just give every school $950 for every child enrolled. That way the money goes where it should. Turnbull thinks the handouts are too broad and generous and in a way he's right.

 

[Stonewall]

http://www.treasurer.gov.au/Display...09/010.htm&pageID=003&min=wms&Year=&DocType=0

 

[Shannow]

Yep, if you pay tax and earn under $100k, you get a tax break as well.

It's not about fixing the economy, it's about buying this quarter's growth figures from a negative number to a positive.

 

[Stonewall]

Additionally, full funding for any house without ceiling insulation to get insulation.

And a lot of money for school infrastructure.

And other stuff.


But it's not so much a tax break as a bit of a hand-out. Turnbull would prefer tax cuts, I think.

 

[Shannow]

Problem with tax cuts is that they will then have to raise them.

Honestly, I think people would be better off with $20-$30 a week than a grand in the hand.

 

[Goreripper]

Well that shows how much attention I've been paying lately.

 

[AussieTerry84]

so i guess im eligible for the $950 tax break? hows that one work though, come tax time you got an instant $950 back? im soooooo confused with all of this lol

 

[Shannow]

Assuming that you ear less than $100k, it will be sent to you in April I believe (or you'll get it in your pay or something).

 

[AussieTerry84]

the thing im confused about though is.....does it only work for the people that worked the last financial year, or os it EVERYone including the current financial year?

 

[Goreripper]

From the press release Stoney posted: "A lump-sum payment of up to $950 will be made to eligible taxpayers from April 2009. The bonus will be available to Australian resident taxpayers who paid tax in the 2007-08 financial year after taking into account available tax offsets and credits."

THe only way the tax office knows if you're eligible is if you put in a tax return last year. So if you didn't, you probably won't get it.

 

[Stonewall]

I wonder where that leaves low income earners who filed a return but due to the low-income offset essentially paid no tax?

 

[Goreripper]

If they filed a return, they'll get it. This is one reason why you should always file a return even if you don't pay tax.

 

[AussieTerry84]

so even though i filed a return last financial year but DIDN"T work i should get it?

 

[mattt]

did you pay any tax?

 

[AussieTerry84]

for that financial year i just paid tax on my newstart allowance to centrelink. But im just a check out dude now on minimum wage working part time thats why im wondering if i can still get it somehow

 

[salty]

They said on the news that anyone who earned under $11,000 won't get it...which screws me.

Plus I haven't done last year's tax return yet either hah.

 

[Stonewall]

Which is a little bit ridiculous. I'm sure most who earn so little could do with a bit of financial cheer and spend it back into the economy just as well as the wage earners who shall get it and already have disposable income.

 

[Goreripper]

But haven't you heard, Stoney? Low-income earners will just blow it all on gambling and plasma screens! Or smokes and booze! The worst part about that allegation is that I actually know some low-income earners who will actually do that.

 

[KoichCPA]

How it works.

I get $950 in my account. I buy your mum for 95 hours.