Things that you don't understand

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Re: Things that you don't understand

Postby Wedgie » Tue Jul 09, 2019 9:05 am

Lightning McQueen wrote:I hear all this hoo haa about everyone that earns under $90K pa will get an extra $1080 in their tax return, this doesn't seem to be the case though.

Does anyone know of any other breakdowns that see's only $540 be credited?

If you earn between 55 and 80k you will get about $550 more this tax return. The ATO has already applied the changes so what you see yesterday or today is all you will get. (If you lodged last week you will get the diference creditted)

This explains it in a bit more detail:

Am I better off?
Yes. But by $500, not $1,000.

Remember – a similar tax cut was already due to come in for the 2018-19 financial year, before the government passed this bill. The bill that just passed is increasing them, not inventing them.

In June 2018, the government passed tax cuts of up to $530.

So if the bill hadn’t passed, you still would have received:

$200 back – if you earned below $37,000
$200 back, plus 3% of everything over $37,000 – if you were between $37,000 and $48,000
$530 back (flat) – if you earned between $48,000 and $90,000
$530 back, minus 1.5% of everything over $90,000 – if you earn over $90,000
So the government has boosted the $200 offset to $255, boosted the percentage you get back from 3% to 7.5% for people between $37,000 and $48,000, and doubled that $530 to $1,080 for everyone else.

It has also doubled the percentage that is deducted (from 3% to 1.5%) for those earning over $90,000.

So, back to the examples from before:

Someone earning $35,000 is $55 better off (from $200 to $255)
$45,000 equals $425 better off (from $440 to $855)
$55,000 and $80,000 equals $550 better off (from $530 to $1,080)
$100,000 equals $400 better off (from $380 to $780)
$120,000 equals $80 better off (from $100 to $180)
Will it be around forever?
No. You’ll get this tax cut for four years (including the tax return you’re about to file).

But then it will be gone. It is an explicitly temporary measure.

So it will apply to the tax return you’re about to file (2018-19), next year’s (2019-20) and the next two years after that (2020-21 and 2021-22).

After 1 July 2022, it will disappear.
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Re: Things that you don't understand

Postby Booney » Tue Jul 09, 2019 9:14 am

From July 1, 2024 the 32.5 per cent tax rate will be lowered to 30 per cent. This means anyone earning between $45,000 and $200,000 will pay 30 per cent tax.

Why do people on $200,000 p.a need tax cuts? :shock:
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Re: Things that you don't understand

Postby Magellan » Tue Jul 09, 2019 9:18 am

Booney wrote:From July 1, 2024 the 32.5 per cent tax rate will be lowered to 30 per cent. This means anyone earning between $45,000 and $200,000 will pay 30 per cent tax.

Why do people on $200,000 p.a need tax cuts? :shock:

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Re: Things that you don't understand

Postby Lightning McQueen » Tue Jul 09, 2019 9:23 am

Booney wrote:
Lightning McQueen wrote:I hear all this hoo haa about everyone that earns under $90K pa will get an extra $1080 in their tax return, this doesn't seem to be the case though.

Does anyone know of any other breakdowns that see's only $540 be credited?


If you did your income tax return prior to the bill being passed you will get the money in a few weeks, you don't need to lodge any paper work, it will just hit your account in due course. ( It's for people under $126k Pa and you will get it for the next 3 years at which time your tax rate will go from 32.5c/$ to 30c/$ )

Yep, did mine last Monday and it had stated that the changes will be automatic and I will not need to do any amendments.

Had a look at the progress and it will be processed Friday and it has put the extra in the assessment already.
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Re: Things that you don't understand

Postby Lightning McQueen » Tue Jul 09, 2019 9:25 am

Thank you Wedgie, that explains it a lot clearer.
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Re: Things that you don't understand

Postby PatowalongaPirate » Tue Jul 09, 2019 9:39 am

From the Sydney Morning Herald 8 July 4:45pm : A record 650,000 people lodged their returns in the first week of July, with the Australian Tax Office working to deliver a $1080 offset to most workers' bank accounts as soon as next week after the Coalition's $158 billion tax package passed Parliament on Thursday.

My understanding is if you have already received your Tax Return with the $540.00 bonus, you will soon receive another $540.00 in your bank account if you qualify.

The second stage of the tax cuts will see the $1080 offset doubled for most workers by 2022-23, but delivered throughout the year rather than in a lump sum.

The third stage of the tax cuts, will see one flat tax rate of 30 cents in the dollar implemented for all income between $45,000 and $200,000 from 2024-25.
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Re: Things that you don't understand

Postby Lightning McQueen » Tue Jul 09, 2019 9:41 am

PatowalongaPirate wrote:From the Sydney Morning Herald 8 July 4:45pm : A record 650,000 people lodged their returns in the first week of July, with the Australian Tax Office working to deliver a $1080 offset to most workers' bank accounts as soon as next week after the Coalition's $158 billion tax package passed Parliament on Thursday.

My understanding is if you have already received your Tax Return with the $540.00 bonus, you will soon receive another $540.00 in your bank account if you qualify.

The second stage of the tax cuts will see the $1080 offset doubled for most workers by 2022-23, but delivered throughout the year rather than in a lump sum.

The third stage of the tax cuts, will see one flat tax rate of 30 cents in the dollar implemented for all income between $45,000 and $200,000 from 2024-25.


That was my line of thinking, there was no initial $540 bonus, it was in-built into your assessment.
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Re: Things that you don't understand

Postby Spangas » Tue Jul 09, 2019 11:46 am

Booney wrote:From July 1, 2024 the 32.5 per cent tax rate will be lowered to 30 per cent. This means anyone earning between $45,000 and $200,000 will pay 30 per cent tax.

Why do people on $200,000 p.a need tax cuts? :shock:

Same people who cry foul if they don't get any rebate for Childcare.
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Re: Things that you don't understand

Postby Booney » Mon Sep 16, 2019 9:47 am

Dressing up like an chick/gimp/movie character/idiot on Mad Monday/Silly Saturday/Stupid Sunday.

Shaving half your head.

I don't get it.
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Re: Things that you don't understand

Postby Lightning McQueen » Mon Sep 16, 2019 9:48 am

Booney wrote:Dressing up like an chick/gimp/movie character/idiot on Mad Monday/Silly Saturday/Stupid Sunday.

Shaving half your head.

I don't get it.

Just a chance to let your inner fantasies out at a guess, without judgement.
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Re: Things that you don't understand

Postby Booney » Mon Sep 16, 2019 9:58 am

Lightning McQueen wrote:
Booney wrote:Dressing up like an chick/gimp/movie character/idiot on Mad Monday/Silly Saturday/Stupid Sunday.

Shaving half your head.

I don't get it.

Just a chance to let your inner fantasies out at a guess, without judgement.


No, I'm 100% judging them.
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Re: Things that you don't understand

Postby Footy Chick » Mon Sep 16, 2019 12:20 pm

Booney wrote:
Lightning McQueen wrote:
Booney wrote:Dressing up like an chick/gimp/movie character/idiot on Mad Monday/Silly Saturday/Stupid Sunday.

Shaving half your head.

I don't get it.

Just a chance to let your inner fantasies out at a guess, without judgement.


No, I'm 100% judging them.


No worries Cornsey
Don't play games with a girl who can play 'em better...

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Re: Things that you don't understand

Postby Booney » Mon Sep 16, 2019 12:24 pm

Footy Chick wrote:No worries Cornsey


Didn't have to do it when I played, not sure why they do now.
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Re: Things that you don't understand

Postby MW » Mon Sep 16, 2019 12:55 pm

The only thing we did on Mad Mondays was ring up KG and Cornsey to brag about our flag win
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Re: Things that you don't understand

Postby Footy Chick » Mon Sep 16, 2019 1:43 pm

Booney wrote:
Footy Chick wrote:No worries Cornsey


Didn't have to do it when I played, not sure why they do now.


For the best part I actually agree (what's the point) but If it's not hurting anyone, then what's the harm
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Re: Things that you don't understand

Postby Booney » Mon Sep 16, 2019 2:24 pm

Footy Chick wrote:
Booney wrote:
Footy Chick wrote:No worries Cornsey


Didn't have to do it when I played, not sure why they do now.


For the best part I actually agree (what's the point) but If it's not hurting anyone, then what's the harm


Thus "Things I don't understand" not "Things that give me the shits".

;)
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Re: Things that you don't understand

Postby LMA » Mon Sep 16, 2019 11:20 pm

Booney wrote:Dressing up like an chick/gimp/movie character/idiot on Mad Monday/Silly Saturday/Stupid Sunday.

Shaving half your head.

I don't get it.


Facebook, instagram etc etc generation. Tis the same with music festivals these days
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Re: Things that you don't understand

Postby Booney » Tue Sep 17, 2019 8:07 am

LMA wrote:
Booney wrote:Dressing up like an chick/gimp/movie character/idiot on Mad Monday/Silly Saturday/Stupid Sunday.

Shaving half your head.

I don't get it.


Facebook, instagram etc etc generation. Tis the same with music festivals these days


Even worse! Dress up like a dickhead and there's evidence everywhere.
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Re: Things that you don't understand

Postby Pseudo » Tue Sep 17, 2019 11:27 am

Booney wrote:
LMA wrote:
Booney wrote:Dressing up like an chick/gimp/movie character/idiot on Mad Monday/Silly Saturday/Stupid Sunday.

Shaving half your head.

I don't get it.


Facebook, instagram etc etc generation. Tis the same with music festivals these days


Even worse! Dress up like a dickhead and there's evidence everywhere.

Image
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Re: Things that you don't understand

Postby Lightning McQueen » Tue Sep 17, 2019 11:44 am

Why people feel a need to leave more than a 2 car gap in front of them at traffic lights.
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