What are you guys spending your free $1080 on??? Probably not many people will get is since majority of the ozbargainers here earn > $125K HAHAAH
What are you guys spending the free $1080 on???
Homr on 04/07/2019 - 21:58
Last edited 04/07/2019 - 23:04 by 1 other user
Last edited 04/07/2019 - 23:04 by 1 other user
Comments
Thanks Mr Morrison/Abbott/Howard etc
What about big businesses who are receiving far more welfare than a low income person?
The's Mith Family?
I used to donate to world vision, $48/mth I think it was, then things got tight and I couldn't afford it. Might use half of the refund, assuming I get it, to pay a years worth of donations?
Might want to look into how much of your money actually goes to the "people in need" before going crazy with world vision. Most of it is wasted on wages, "administration" and advertising.
Perhaps donate to charities that supply contraceptives to people who already have way more kids than they can feed, rather than giving them just enough to extend the suffering endlessly. The only ones you are helping are the ones who run these "charities" out of the "goodness of their hearts" (and possibly the hundreds of thousands of dollars a year they pay themselves).
Give to unicef….
17.6% goes to advertising and administration. I'd hardly call that "most".
You could spend it on Jess or you could really make a difference. For just $1,080, you could be helping Israel Folau in the fight of his life.
very deserving
Context please? what is this $1080
A thimble full of your tax money back if you fall under the threshold.
saving every cent of it - probably not what the government wants people to do with it.
This wasn't a stimulus to help the economy. It was a cash splurge to get votes.
Think it’s to stimulate ad since Australian economy is so shit currently even rba lowered cash rate target consecutively for 2 months.
Either way the savings investment gap still exist
The Libs have been talking up their economy. If this doesn't actually stimulate the economy then people wake up. If it works they're off the hook. I think they really want to stimulate the economy for this reason.
Pretty sure it was a move to tank the budget when they though they were going to lose. But that might be giving credit to a bunch of financial numpties that somehow have conned the public in to thinking they know how to handle money.
https://www.google.com/search?q=economic+performance+under+l…
@locknuts: Tax cuts are usually paired with cuts to the things taxes pay for, like infrastructure and services. Cutting those can and has tanked economies.
There's absolutely no data anywhere to suggest that tax cuts for the wealthy stimulates anything, trickle down is just nonsense
Yep, especially because it'll (profanity) up the trash government's idea of what this hot nonsense is for.
The government tried to give their mates in corporate and donors a tax cut by lowering the big business tax rate—except people saw through it.
So now they're doing it by giving the average Joe a few crumbs to make them happy while they give their high income mates a big income tax cut directly. It's almost criminal that someone on $199,000 will pay the same marginal tax rate as someone on $50,000.As per usual the ozbargain downvoting squad is in action with no explanation why.
From the mid 2020s everyone earning from $45K to $200K is on the same 30% marginal tax. It's a conservative wet dream-a flat tax which hugely benefits people on high incomes (eg. Liberal donors) while screwing everyone else over because the only way to fund it will be austerity and cost cuts. And it will cost far far more than the crumbs we're getting now. The opportunity cost of those cuts is going to be massive.Go look at how much the top 10% pay as % of taxes in Australia? They pay 45%+.
And while you are complaining about how unfair it is, 90% of the population only pay 55% of the tax burden. But you feel if that 90% of the population paid even less tax that would somehow be fairer….
What % of the burden should the top 10% pay? 70%? 80%? why not 99% ???
@Ti-au: "Go look at how much the top 10% pay as % of taxes in Australia? They pay 45%+." Yes and they earn 50+ of the income. The 90% earn less than 50% and wealth, don't get me started.
@gravel: Actually my guess is that most of it would be made up of CGT, so they are not earning income, they are disposing of assets which pushes them into the top bracket.
@Ti-au: It's fine as it is. But at 30% not only are they taxed at the same marginal percentage as everyone else they probably have access to better accountants and more tax loopholes through negative gearing, family trusts yadayadayada.
And noone here is saying they should be carrying all the tax burden, don't be silly.@Ti-au: Top 10% should be around 60 percent tax rate, its what the better countries in the EU do and its works great.
pfft, if it's saving up for a mortgage or the next investment property the government probably likes that the best. They consider paper property values as a sign of wealth and all, never mind something that actually produces things and employs people …
I'm sure people will be paying the bills with it.
65" Hisense
+1
66"?
69 it is
I got my 65R5 a few days ago via $877 ebay deal. No regrets.
Ahahahahahahaha here have an upvote!
Get the one with ultra local dimming.
Am I the only one that hates my Hisense? Wish it'd never got it, the ghosting is shocking.
Google which settings to change. I had this as well until I disabled most of the 'features'.
I disabled everything, enabled everything, and everything in between. Will do a google and try again but so far have hated it almost since I got it.
@brendanm: I had to disable so many features on my 2016 hisense that I suspect it was that which was moving my wheelchair in the middle of the night…
No I hate mine too
Is it ghosting or something else? The backlight is also mottled. I think we got memed.
Your government thanks you.
My HELP debt. I actually owe the ATO about five dollars (no joke) …
1250 for me last yr. FHSSS and HELP do not play well together
Straight into Vanguard. I'll sleep well knowing more of my hard earned dollars are in my pocket.
Plus you get franking credits
Isn't Vanguard essentially a brand of managed funds?
If it is, when you say your pocket, although the risk of loss may be historically small, you really mean their pocket
Straight to Thailand, I’ll stimulatee their economy, just kidding… what’s the formula for this mystical pay out.
it won't just stimulate their economy..
Is that a stimulus package or are you just happy to see me?
Offset account
All my savings go into my offset account, it all adds up.
Typical - spending it before you have it. Wait until it’s in the bank😀
10 million to get tax cuts of which 4.5 million to get full $1080 so 5.5 million don’t know the exact amount they will get. So hence my suggestion to wait.
Spending money you don't have is part of the reason this country is in the state it is.
There's plenty of calculators to work out exactly how much you'll get.
i'm lazy, link?
Is it actually an additional $1080? This offset was already $530 so it’s only increasing by $550 right?
I don’t know, you maybe right. Given the ability of the pollies to spin,
As most of the spin they spin out is written for them by journalists now employed as spinners (PR consultants), other journalists still working as journalists can’t evaluate spin properly so that’s why I suggest waiting until you get it in your bank account before spending.
Yes I think it's only an additional $550 on top of the existing LMIT offset.
So those who already lodged their returns and are eligible for the full amount of $1080, you may only get an extra $550.
No, ATO website says you'll be reassessed.
No, the $530 got upgraded to $1080, it replaces the previous $530.
Yes that's how I understand it, very lazy and some might say pro coalition reporting by the media.
Get the ill informed to spend $1080, while in reality they only get back $550. Smart move, thats one way to stimulate the economy.
$10/week is quite pathetic really. I know we can't live in a tax free society but if that's all we get, then the pain of losing $150bn of public money isn't worth it, especially as most of that money is flowing to high income earners.
We have a huge infrastructure deficit in this country imo, they should be fixing that instead.
This is what I was wondering too. I did my tax last night (haven't lodged because I'm waiting for these new rates to come in) and it had a low and middle income tax offset of $530 listed. It seems misleading to claim people are getting cheques for $1080 if it's only an extra $550.
I will distribute it to the peasants for experience.
Outlander is now a level 9 Ozbargainer.
Deal Power + 1
Your hero may learn either Basic Gift Cards or Advanced Google Magic.
Won't be getting it as I'm over the $90k limit. I think I'll get something but no idea how much. I just bought a 3D printer so anything I do get will just help off set that.
off set
Nice 3D printing reference ;-)
Print a gun
90k < 126k? Or am I missing something?
It tapers off from $90k quite significantly and cuts to zero at $126k.
Is there a way to leverage into crypto? Some sort of third party futures contract perhaps?
Wouldn't recommend.
"It's free money" ; )
not with leverage. essentially the "free money" is paying for just the deposit of the "loan" you are betting with.
Thank the LNP who have geared it to help their mates and themselves. Then you can thank them again in a few years time when they cut Medicare to pay for it.
How does that happen?
Because they pay more tax than you. You're welcome.
Please dont use logic, it doesnt suit outragers
Surely the people who pay more tax get more back…
ATO don't make the rules
Don't understand why middle earners pay so much tax but lower income people like you only pay, what was it, ~220? Thanks you.
Because lower income earners don't pay as much tax
Don't understand why middle earners get the 1080 but lower income people like me only get, what was it, ~220? Thanks ATO
The ATO just follow the rules set by ScoMo and his mates. Thank the people that made a miracle and voted in the LNP at the last election.
Let's put tax cuts in terms everyone can understand. Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:
the first four men, the poorest, would pay nothing;
the fifth would pay $1;
the sixth would pay $3;
the seventh would pay $7;
the eighth pays $12;
the ninth would pay $18;
and the tenth man, the richest, would pay $59.
"That's what they decided to do. The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement —- until one day, the owner threw them a curve (in tax language a tax cut)."'Since you are all such good customers,' he said, 'I am going to reduce the cost of your daily meal by $20. So now dinner for the ten only cost $80.00.
"The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still eat for free. But what about the other six—the paying customers? How could they divvy up the $20 windfall so that everyone would get his 'fair share?'
"The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, Then the fifth man and the sixth man would end up being PAID to eat their meal. So the restaurant owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay:
as before, the first four men paid nothing;
now the fifth man also paid nothing;
the sixth man now paid $2;
the seventh paid $5;
the eighth man paid $9;
the ninth man paid $12;
leaving the tenth man with a bill of $52 instead of his earlier $59.
Each of the six was better off than before. And the first four continued to eat for free."But once outside the restaurant, the men began to compare their savings. 'I only got a dollar out of the $20 reduction,' declared the sixth man, but he, pointing to the tenth. 'But he got $7!'. 'Yeah, that's right,' exclaimed the fifth man, 'I only saved a dollar too; it's unfair that he got seven times more than me!'
'"That's true,' shouted the seventh man, 'why should he get $7 back when I got only $2? The wealthy get all the breaks!. 'Wait a minute,' yelled the first four men in unison, 'We didn't get anything at all. The system exploits the poor!'
"The nine men surrounded the tenth and beat him up. The next night he didn't show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered, a little late what was very important. They were now Fifty-Two Dollars short of paying the bill. Imagine that!
And that, boys and girls, journalists, and college instructors, is how the tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore.
Source: Not me
This is very well put.
Beautiful.
@minklet: Poverty isn't a moral issue. But that cuts both ways. It's [i]not[/i] a moral issue, it's an economics issue. Voting in the party that sounds the nicest won't solve anything either.