High Income is 150k plus.
Well I for one am glad this is coming out now, this is important for many families. Don't vote for Abbott.
we did not qualify for the school bonus, I am not upset as we are fortunate enough to be able to get by without assistance. This doesn't mean I want to see lower income families struggle to pay for school uniforms, fees and books. Making life just that little bit harder for families won't win any votes.
i also tire hearing of how much tax people pay. We all pay tax. We all benefit from it.
I only skimmed the article so maybe I misinterpreted, but I thought it said they preferred to go back to the old way of claiming at tax time with receipts as opposed to a mass payout?. Yes this is probably more of a PITA to claim but isn't it just changing the format rather than dropping it completely?.
yes WTK thats the way I read it too - that he wants it to go back to the old way of claiming it on your tax return.
Firstly - all of those programs (PHI rebate, FHOG CCR and BB) are all means tested, so not available to high income earners. (The BB and CCR cut out at $150k ... PHI is phased out but not sure of the levels. First home owners grant is only on houses under a certain amount, so cannot be used to buy a luxury home)
PHI rebate also has a negative attached - if you are on a high income and do NOT have PHI, then you get charged a penalty.
Having said that
- I am all for cutting the first home owners grant. I think its a stupid grant anyway, and has not acheived its objectives.
- I am ok with cutting the PHI rebate - or at the least ensuring the threshold is lowered so that it only applies to lower income earners. Happy with keeping the penalty in place ... high income earners should be encouraged to take out PHI and take the pressure off public health. Removing this grant needs to be balanced with people pulling out of PHI though ... so might be a tricky one.
- I think the CCR needs to be restructured. Happy with a rebate for low income earners - a tax deduction doesnt really help them pay the initial costs so a quarterly rebate is better. Anyone over the threshold should only be entitled to it as a % of their tax paid though. If high income earners are to go back to work, a part of the cost is child care, and this should effectively be tax deductible for them.
- BB - is probably ok as it is - is for families earning under $150k though maybe have it as a lesser amount for those earning $100-$150 if they are looking at trying to save money
Taking away a payment to the lowest earning members of our society isnt the way governments should be looking at saving money. The school bonus is only available to those getting FTB-A ... so is only for those in need.
Just want to point out that CCR and CCB earns the australian taxpayer 1.6 times what is spent in increased workforce participation (therefore increased tax).
ETA - I cant quote for some reason. I know that nobody has said CCR/CCB should be taken away for workers, but just wanted to point out that these things clearly help rather than hinder the economy
Last edited by soccer mum; 03-02-2013 at 22:12.
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