How are you spending your stimulus?

[Stormin_Norman]

cocaine and hookers!


woot!!

 

[Prospector]

We've received $2800
$950 each for 2 kids under 18 and $900 because we are a single income family.

I thought we wouldn't get anything because I earn too much but Kevin007 thinks differently.
He must know something I don't.....

Anyway, as per his instructions we are going spending tomorrow
and I hope he knows what he is doing because the way he is going the country could go bankrupt.......

I gather you must be on Family Benefits A then? Which means you dont earn that much at all, and will also get another $900 payment shortly. Those criteria for Family Benefits are really tough, yet you thought you earnt too much?

 

[billv]

I gather you must be on Family Benefits A then? Which means you dont earn that much at all, and will also get another $900 payment shortly. Those criteria for Family Benefits are really tough, yet you thought you earnt too much?

I think the $900 payment is included.

I had reduced taxable income last year because of the high interest rates and negative gearing from my IP's but this year it's all sweet.
Rents have gone up by nearly 20% and interest repayments are down by $500/week compared to last September so we can afford to eat again...

Anyway, we went shopping this morning and spent a few hundred on imported goods and about $50 on fruit and veg. I hope it makes Kevin happy. Most of the money will go straight to China and he will get to keep his 10% GST.

 

[Prospector]

I think the $900 payment is included.

I had reduced taxable income last year because of the high interest rates and negative gearing from my IP's but this year it's all sweet.
Rents have gone up by nearly 20% and interest repayments are down by $500/week compared to last September so we can afford to eat again...

Anyway, we went shopping this morning and spent a few hundred on imported goods and about $50 on fruit and veg. I hope it makes Kevin happy. Most of the money will go straight to China and he will get to keep his 10% GST.

Our income was reduced because of property negative gearing, but being able to then go on to claim Family Benefits because of negative gearing was stopped and so you had to "add it on" to stop property investors from being able to claim low income (Family) benefits. So it shouldnt have played a part in you receiving Family Benefits, especially if you thought your income was too high to receive the Tax back (ie over $100,000) Are you sure you are eligible for family benefits if you include the losses from your rental.

This is taken from the ATO Family Benefits Calculator:
http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=08ftb001i.xr4&go=ok

Family adjusted taxable income (ATI) – for this status period
You Your spouse during this status period

Taxable income
Reportable fringe benefits
Net rental property losses

These are all added in to bump up the Taxable income.

 

[Garpal Gumnut]

Our income was reduced because of property negative gearing, but being able to then go on to claim Family Benefits because of negative gearing was stopped and so you had to "add it on" to stop property investors from being able to claim low income (Family) benefits. So it shouldnt have played a part in you receiving Family Benefits, especially if you thought your income was too high to receive the Tax back (ie over $100,000) Are you sure you are eligible for family benefits if you include the losses from your rental.

This is taken from the ATO Family Benefits Calculator:
http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=08ftb001i.xr4&go=ok

Family adjusted taxable income (ATI) – for this status period
You Your spouse during this status period

Taxable income
Reportable fringe benefits
Net rental property losses

These are all added in to bump up the Taxable income.

It certainly beats having to go on the road or shoot rabbits fro a feed as many folk had to do during the last depression.

And they didn't have financial advisers.

gg

 

[Prospector]

You know GG, my mother and her parents went through the depression. That is after her father served in France at the age of 17. It is something that she never, ever wants her children/grandchildren to experience. I am not sure what the point of your post is; would you prefer that people have to revert to shooting rabbits just to feed their kids?

 

[Garpal Gumnut]

You know GG, my mother and her parents went through the depression. That is after her father served in France at the age of 17. It is something that she never, ever wants her children/grandchildren to experience. I am not sure what the point of your post is; would you prefer that people have to revert to shooting rabbits just to feed their kids?

No, it is more of a comment on the "New" Class who dictate to the rest of us, the working class, whether we be rich or poor, and who seem by the manipulation of figures and doing jobs that do not add net wealth to this country, to be a preponderance on this thread.

gg

 

[Prospector]

No, it is more of a comment on the "New" Class who dictate to the rest of us, the working class, whether we be rich or poor, and who seem by the manipulation of figures and doing jobs that do not add net wealth to this country, to be a preponderance on this thread.

gg

What is the new class, what is the working class and you talk about doing jobs that dont add to the net wealth of this country - that means Doctors, Dentists, physios and the like ? Anyone that doesnt produce a product I guess. Ah, we are back to blue collar workers again, aren't we!

 

[johenmo]

I gather you must be on Family Benefits A then? Which means you dont earn that much at all, and will also get another $900 payment shortly. Those criteria for Family Benefits are really tough, yet you thought you earnt too much?

I was surprised at how much you can earn. We had 2 kids at home last year 1 under and 1 over 18, and we were allowed a total income of 106K. Did it as a lump sum as we have just returned from NZ and it's all new.

Because the taxable income is post super deductions, this took us from over the limit to well under it. And this doesn't include the stimulus package stuff that's yet to come.

 

[Prospector]

Because the taxable income is post super deductions, this took us from over the limit to well under it.

I think that 'loophole' might be closed soon too - just like they did with negative gearing on property.

 

[johenmo]

Prospector - and so it should. But should the payments be in the form of cash? Maybe something else may reduce the "waste".

 

[Trevor_S]

What is the new class,

The Welfare class....? we seem replete with them and I am not talking the about the genuinely needy.

While not necessarily espousing the author, the sentiment rings true

“Friend, you cannot legislate the poor into freedom by legislating the wealthy out of freedom. And what one person receives without working for, another person must work for without receiving. The government can’t give to anybody anything that the government does not first take from somebody. And when half of the people get the idea they don’t have to work because the other half’s going to take care of them, and when the other half get the idea it does no good to work because somebody’s going to get what I work for. That, dear friend, is about the end of any nation.”

 

[Julia]

I know a lot of Aussies who worked their guts out in this country paying taxes all there lives. Now they choose to live overseas and still pay taxes here. I think they have just as much rights as any other tax payer to get their benefits. I fully support equal rights for all Australian Tax Payers no mater where they live.

You are missing my point, Bill. The whole point of these cash payments is supposed to be to stimulate the AUSTRALIAN economy.

And if you support equal rights for all Australian Tax Payers then how do you feel about Australian citizens who have paid substantial tax via SMSF's, and who don't receive Family Tax Benefit A, B, or Z, are self funded so as not to be a drag on the remaining taxpayers, but who receive nothing from any stimulus package?

 

[Prospector]

You are missing my point, Bill. The whole point of these cash payments is supposed to be to stimulate the AUSTRALIAN economy.

And even to qualify for Family Tax benefits you need tobe a resident of Australia, so how on earth did people living overseas get the money! I guess Julia, this whole package was never about stimulating the Australian economy at all; just a sweetener for (some of) the electorate.

 

[Julia]

I guess Julia, this whole package was never about stimulating the Australian economy at all; just a sweetener for (some of) the electorate.

Yep, all part of the ongoing campaign to keep Kev riding high in the opinion polls.
Meantime, he's racking up a deficit that will eventually have to be paid back.
Hope everyone is still so cheerful when all the additional taxes happen.

 

[Bill M]

You are missing my point, Bill. The whole point of these cash payments is supposed to be to stimulate the AUSTRALIAN economy.

And if you support equal rights for all Australian Tax Payers then how do you feel about Australian citizens who have paid substantial tax via SMSF's, and who don't receive Family Tax Benefit A, B, or Z, are self funded so as not to be a drag on the remaining taxpayers, but who receive nothing from any stimulus package?

I already stated in an earlier post that the $900 tax bonus is a waste of time and money and it isn't the best way to stimulate the economy. I know many of my friends who will just save this money, others will go overseas, some are already overseas...... The Government can't tell you how to Spend it. I can't speak for family benefits as I don't have any kids, only a wife but as far as SMSF's go I don't know why they were excluded. In my case I am self funded too but outside of super and I pay normal PAYG tax rates. SMSF's taxes are much lower than normal tax rates. Maybe the Govt. thought super retirees are already getting tax breaks and normal PAYG's are not. I don't know what was the rationality they used when they thought up this payment.

 

[billv]

Are you sure you are eligible for family benefits if you include the losses from your rental.

I don't get involved in what centrelink does or how they asses my income.
In fact I don't want to have anything to do with them.
I just do my tax return every year using a tax agent and I pay my taxes.

My income is all visible and I can't hide it.
They see how much I earn when I do my tax return and they then adjust the small amount they pay fortnightly to my wife.

I have to say though, they are very generous with the stimulus payments.
I hope they don't ask for it back because we are spending it all.

 

[Julia]

I have to say though, they are very generous with the stimulus payments.

Generous? With borrowed money that will have to be paid back one day?
Does this really make sense to you???

 

[billv]

Does this really make sense to you???

Julia

No, it doesn't make sense but I am not going to give it back.

I went to the shops again today and looked around, bought a few things but in general we have everything we need.
Apart from shopping I think we should spend some money on a weekend trip.

The other option would be to give some money to charity.
In the last financial year our donations halved because our loan repayments were very high and we couldn't afford to give much but this year we can afford to be generous.

 

[Julia]

Wow, it just keeps getting better. How fantastic that the stimulus package is going to dead people!

http://www.abc.net.au/news/stories/2009/03/12/2514406.htm