Things that you don't understand

Anything!

Re: Things that you don't understand

Postby Booney » Tue Jul 09, 2019 8:53 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 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/$ )
Last edited by Booney on Tue Jul 09, 2019 9:14 am, edited 1 time in total.
PAFC. Forever.

LOOK OUT, WE'RE COMING!
User avatar
Booney
Coach
 
 
Posts: 58211
Joined: Thu Oct 27, 2005 1:47 pm
Location: Alberton proud
Has liked: 7467 times
Been liked: 10755 times

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.
User avatar
Wedgie
Site Admin
 
 
Posts: 50781
Joined: Thu Oct 27, 2005 8:00 am
Has liked: 2020 times
Been liked: 3862 times
Grassroots Team: Noarlunga

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:
PAFC. Forever.

LOOK OUT, WE'RE COMING!
User avatar
Booney
Coach
 
 
Posts: 58211
Joined: Thu Oct 27, 2005 1:47 pm
Location: Alberton proud
Has liked: 7467 times
Been liked: 10755 times

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:

"Religion is like a blind man looking in a black room for a black cat that isn't there...and finding it." - Oscar Wilde
User avatar
Magellan
Coach
 
 
Posts: 5981
Joined: Sat May 12, 2007 1:04 pm
Location: Four Seasons Total Landscaping
Has liked: 757 times
Been liked: 1517 times

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.
HOGG SHIELD DIVISION V WINNER 2018.
User avatar
Lightning McQueen
Coach
 
Posts: 51284
Joined: Mon Mar 03, 2008 9:43 am
Location: Radiator Springs
Has liked: 4339 times
Been liked: 7902 times

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.
HOGG SHIELD DIVISION V WINNER 2018.
User avatar
Lightning McQueen
Coach
 
Posts: 51284
Joined: Mon Mar 03, 2008 9:43 am
Location: Radiator Springs
Has liked: 4339 times
Been liked: 7902 times

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.
safooty Melbourne Cup Day Tipping Champion 2018 & 2019 #Back2Back
2018 safooty NFL Tipping Champion
User avatar
PatowalongaPirate
2022 SA Footy Punter of the Year
 
 
Posts: 5312
Joined: Sat Jun 14, 2008 10:31 am
Location: Tiger Land
Has liked: 444 times
Been liked: 1208 times
Grassroots Team: Sacred Heart OC

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.
HOGG SHIELD DIVISION V WINNER 2018.
User avatar
Lightning McQueen
Coach
 
Posts: 51284
Joined: Mon Mar 03, 2008 9:43 am
Location: Radiator Springs
Has liked: 4339 times
Been liked: 7902 times

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.
I apologise.
User avatar
Spangas
Under 16s
 
Posts: 311
Joined: Mon Apr 13, 2015 2:29 pm
Has liked: 118 times
Been liked: 103 times

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.
PAFC. Forever.

LOOK OUT, WE'RE COMING!
User avatar
Booney
Coach
 
 
Posts: 58211
Joined: Thu Oct 27, 2005 1:47 pm
Location: Alberton proud
Has liked: 7467 times
Been liked: 10755 times

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.
HOGG SHIELD DIVISION V WINNER 2018.
User avatar
Lightning McQueen
Coach
 
Posts: 51284
Joined: Mon Mar 03, 2008 9:43 am
Location: Radiator Springs
Has liked: 4339 times
Been liked: 7902 times

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.
PAFC. Forever.

LOOK OUT, WE'RE COMING!
User avatar
Booney
Coach
 
 
Posts: 58211
Joined: Thu Oct 27, 2005 1:47 pm
Location: Alberton proud
Has liked: 7467 times
Been liked: 10755 times

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...

Gatt_Weasel wrote:if they (Walkerville) dont win the flag ill run around the block of my street naked :) you can grab a chair and enjoy the view
User avatar
Footy Chick
Moderator
 
 
Posts: 26695
Joined: Wed Nov 02, 2005 1:44 pm
Location: anywhere I want to be...
Has liked: 1737 times
Been liked: 2144 times

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.
PAFC. Forever.

LOOK OUT, WE'RE COMING!
User avatar
Booney
Coach
 
 
Posts: 58211
Joined: Thu Oct 27, 2005 1:47 pm
Location: Alberton proud
Has liked: 7467 times
Been liked: 10755 times

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
MW
Coach
 
 
Posts: 12914
Joined: Wed Nov 30, 2005 8:55 pm
Has liked: 2581 times
Been liked: 1822 times

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
Don't play games with a girl who can play 'em better...

Gatt_Weasel wrote:if they (Walkerville) dont win the flag ill run around the block of my street naked :) you can grab a chair and enjoy the view
User avatar
Footy Chick
Moderator
 
 
Posts: 26695
Joined: Wed Nov 02, 2005 1:44 pm
Location: anywhere I want to be...
Has liked: 1737 times
Been liked: 2144 times

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".

;)
PAFC. Forever.

LOOK OUT, WE'RE COMING!
User avatar
Booney
Coach
 
 
Posts: 58211
Joined: Thu Oct 27, 2005 1:47 pm
Location: Alberton proud
Has liked: 7467 times
Been liked: 10755 times

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
User avatar
LMA
Coach
 
 
Posts: 6237
Joined: Fri Apr 11, 2008 4:37 pm
Has liked: 387 times
Been liked: 714 times
Grassroots Team: Port District

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.
PAFC. Forever.

LOOK OUT, WE'RE COMING!
User avatar
Booney
Coach
 
 
Posts: 58211
Joined: Thu Oct 27, 2005 1:47 pm
Location: Alberton proud
Has liked: 7467 times
Been liked: 10755 times

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
Clowns OUT. Smears OUT. RESIST THE OCCUPATION.
User avatar
Pseudo
Coach
 
 
Posts: 11773
Joined: Fri Oct 28, 2005 11:11 am
Location: enculez-vous
Has liked: 0 time
Been liked: 1553 times
Grassroots Team: Marion

PreviousNext

Board index   General Talk  General Discussion

Who is online

Users browsing this forum: No registered users and 16 guests

Around the place

Competitions   SANFL Official Site | Country Footy SA | Southern Football League | VFL Footy
Club Forums   Snouts Louts | The Roost | Redlegs Forum |