Are we all getting $950?

[Mao]

Tax Bonus for Working Australians of up to $950 paid to every eligible Australian worker earning $100,000 or less. This will support up to 8.7 million individuals.

I have a feeling this will just be extra tax rebates.. In which case many of us won't get a cent out of it as we usually don't earn enough to pay any tax [or go over the low income tax offset].

But it'll be bloody sweet if this isn't the case, as well as

$950 Training and Learning Bonus paid to students and people outside of the workforce returning to study to help with the costs of education and training.

[costargh]

Mao, the government has stated that they want to make the payment to people by April I think so I'm very sure it's not a tax rebate.

[clinton_09]

i really hope it goes ahead!! this $950 would be awesome. Much better then the 2010 tax cuts the liberals would prefer

[Mao]

Mao, the government has stated that they want to make the payment to people by April I think so I'm very sure it's not a tax rebate.

nono, I meant, if the person has paid more than $950 in tax in the previous financial year, $950 is made payable. If a person has paid less than $950 in tax, then that amount is made payable.

Though I really hope that is not the case =\

[costargh]

Oh I see.

asn't someone already said that the "up to" thing refers to how little money you make?

Those earning up to $80,000 are eligible for a tax bonus of $950, while those earning between $80,000 and $90,000 will receive $600 and those earning between $90,000 and $100,000 will receive $300.

[Edmund]

It says: $950 one off cash payments to eligible families, single workers, students, drought effected farmers and others


Does 'student' mean we all get it? I don't work so can I still get it??

[squance]

If the $950 thing actually happens, I will be forever grateful and I will forever vote for Labor
(well, they have already given me that $1000 from last year )

[costargh]

"Independent Senator Nick Xenophon raised concerns about people "double-dipping" and receiving multiple cash payments.

Under questioning from the South Australian senator, an official from the Department of Families, Housing, Community Services and Indigenous Affairs confirmed that a student working part-time could receive a $950 bonus to help with academic costs and a $950 taxpayer bonus.

"Under eligibility for the back-to-school bonus, the family bonus and the tax bonuses, the eligibility is for each one individually," the official said."


http://news.ninemsn.com.au/national/741676/changes-could-delay-stimulus-by-months

[costargh]

ATTENTION: THIS WILL MORE THAN LIKELY RELATE TO MOST VN MEMBERS

On Channel 7 News they just said that if you make less than $11,000 a year you will not receive a $950 payment.


I wonder though whether they base this on the last financial years income or in another way....
I just made over $11,000 last year but this financial year I'm not on my way to over $11,000.

[hard]

ATTENTION: THIS WILL MORE THAN LIKELY RELATE TO MOST VN MEMBERS

On Channel 7 News they just said that if you make less than $11,000 a year you will not receive a $950 payment.


I wonder though whether they base this on the last financial years income or in another way....
I just made over $11,000 last year but this financial year I'm not on my way to over $11,000.

what if you're on youth allowance and you're in VCE? And you fall in the mid income category, would you get the payment?

[costargh]

Not sure.

Is there anywhere where we can view the bill in full? :S

[hard]

not sure i'll try look for it.

[ninwa]

Not sure.

Is there anywhere where we can view the bill in full? :S

try here?
http://www.aph.gov.au/bills/index.htm

[costargh]

Download the bill which proposes $950 cash bonuses here

Im currently reading through it now.

Edit:

5  Entitlement to tax bonus
   (1)   A person is entitled to a payment (known as the tax bonus) for the 2007 08 income year if:
   (a)   the person is an individual; and
   (b)   the person is an Australian resident for that income year; and
   (c)   the person’s adjusted tax liability for that income year is greater than nil; and
   (d)   the person’s taxable income for that income year does not exceed $100,000; and
   (e)   the person lodges his or her income tax return for that income year no later than:
   (i)   unless subparagraph (ii) applies—30 June 2009; or
   (ii)   if, before the commencement of this Act, the Commissioner deferred the time for lodgment of the return under section 388 55 in Schedule 1 to the Taxation Administration Act 1953 to a day later than 30 June 2009—that later day.
Exception for persons aged under 18 without employment income etc.
   (2)   However, the person is not entitled to the tax bonus for the 2007 08 income year if:
   (a)   he or she is a prescribed person in relation to that income year and is not an excepted person in relation to that income year; and
   (b)   his or her assessable income for the income year does not include excepted assessable income.
6  Amount of tax bonus
      If a person is entitled to the tax bonus for the 2007 08 income year, the amount of his or her tax bonus is:
   (a)   if the person’s taxable income for that income year does not exceed $80,000—$950; or
   (b)   if the person’s taxable income for that income year exceeds $80,000 but does not exceed $90,000—$650; or
   (c)   if the person’s taxable income for that income year exceeds $90,000 but does not exceed $100,000—$300.

[costargh]

Here is the bill for those returning to study and for those receiving Family Tax Benefit A and B

Download here

Edit:

(5)   A person cannot receive more than one payment under this section, regardless of how many times the person qualifies under this section.

From my interpretation this means that if you receieve Youth allowance and Family Tax Benefit A or AUSTUDY or anything else like that you can only claim $950.

However this bill is separate to the income bill so I think you could claim both the Youth allowance money of $950 and the low income bonus of $950.

(Although Im not 100% sure)