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The Decision To Lift The Tax Free Threshold. (Read 178 times)
imcrookonit
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The Decision To Lift The Tax Free Threshold.
Apr 26th, 2012 at 7:17am
 
Lump sum for families to ease carbon tax pain


    By Samantha Maiden
    The Sunday Telegraph
    April 07, 2012 11:49PM




CASH bonuses for families of up to $100 per child and $250 for pensioners will be deposited into bank accounts within weeks as the Gillard Government fights a public backlash over its carbon tax.   Huh

But taxpayers will be forced to pick up the tab for a public education campaign, with a multi-million dollar advertising blitz planned.

The lump sum bonus payments will be rolled out from May ahead of the introduction of the carbon tax and on top of a $300-a-year tax cut for six million Australians earning $80,000 a year or less.   

One million workers will no longer have to pay tax or lodge a tax return under a tripling of the tax-free threshold to apply from July 1.   Smiley

A new analysis prepared by Treasury reveals that the decision to triple the tax-free threshold will ensure 121,000 Queenslanders no longer have to pay any tax.

Part-time workers, students, mums in casual work as well as retirees will benefit from the Government's decision to lift the tax-free threshold from $6000 to $18,000.   Smiley

From the new financial year, workers will be able to earn $336 a week without paying tax under the tripling of the tax-free threshold to compensate for the carbon tax.   Smiley

Acting Prime Minister Wayne Swan said that the Government understood families' concerns about the potential cost-of-living impact of the carbon tax.

"From 1 July, more than six million Australians will get a tax cut, of up to $300,'' Mr Swan said.

"That's good news for families, because we know that, when household budgets are tight, every bit of extra tax relief helps.''   Smiley

The carbon tax is tipped to increase household bills by $10 a week when it is introduced on the nation's top 500 polluters from July 1.

The carbon tax compensation package offers:

- Families already receiving payments under Family Tax Benefit A will be paid cash bonuses to compensate for the impact of the carbon tax from May 16 to May 29, with a small increase in fortnightly payments to follow.

- Single-income families receiving payments under Family Tax Benefit B will get up to $69 extra, plus up to $300 in additional supplement.

- Pensioners can expect to see their $250 bonuses, known as the Clean Energy Advance, to arrive from May 28 to June 8.

Self-funded retirees who have a Commonwealth Seniors Health Card will get a $250 cash bonus from next month - or $190 for each member of a couple.

- Students receiving Austudy payments will receive payments over the period June 11 to June 22.

Read more: http://www.news.com.au/money/money-matters/lump-sum-for-families-to-ease-carbon-tax-pain/story-e6frfmd9-1226321241700#ixzz1t5YaNSNS
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Sir Spot of Borg
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Re: The Decision To Lift The Tax Free Threshold.
Reply #1 - Apr 26th, 2012 at 7:32am
 
Really this would be good for me. In a way. Doesnt make life any easier to live day to day but that coming up with heaps of money every year for the taxman is really really hard. And they count all your money before tax too. Of course these changes never last long. Usually a year then its back to normal.

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