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
@Garrettau: It's $365 in year 1. No further outlay.
The level of generation from a 280w panel is estimated. Could be a bit more or less. Assume it's fixed at $50.
Yr 1 return = $50. Balance $315
Yr2 $50 + $33 = 83. Balance $232
yr3 $83. Balance $149
Yr4 $83 Balance $66
Yr5 $83 Balance +$17 - payback complete
Yr6 $83 Balance +$100
Yr7 $50 Balance +$150 (no loyalty bonus)That's about 12-18m longer payback than a good entry level system on your roof.
I don't see how they only get $50 out of a 280w panel at 15ckWh. that's only $0.137c/day which (I think) is 900w/day?. Assuming the 280w panel is 90% efficient (250w) that implies the sun is out less than 4hrs/day.
There's got to be something wrong with my math or AGL are grossly understating the predicted output so they don't get sued for misrepresentation.
I pay $100 a month to sponsor two orphans overseas. Makes a huge difference and puts my mind at ease. I think I can claim that as a deduction.
If you send the money directly to them it's not tax deductible.
You have to check DGR status of the organisation if you make donations to it.DGR: Deductible Gift Recipient
More Ozbargain :)
Vuly Thunder trampoline. Thanks ScoMo!
It's not a free $1,080. That's the hard earned money of taxpayers. We earned that. We own that. This is imply a government "generously allowing" us to keep more of what we earn.
Haha finally someone gets it
It's a politically crafted stimulus package but this time Gerry Harvey won't be benefiting
He won't be benefitting, until 2022, when he pays significantly less tax, just like me.
This year I'm looking at tax relief of $135.
In 2024, if my wage doesn't change, I'll get $5k+.Seriously, I don't need this extra cash dudes. I'd be much happier if it went to those in the lower pay brackets, or to proper government funding/incentives for renewable energy.
I guess this goes to the whole concept of being taxed "fairly" as above. $5k is a lot of spare cash for people at or below the median wage. However, I can make up that cash in a couple of weeks.
For true relief or 'fairness', those making less cash should be the only people receiving it, I'm fine, the extra $5k will just help pay off a better holiday, maybe a house better. But it's more adding luxuries for me, while it would be providing necessities to those in less fortunate positions.
@brendanm: Hey it's definitely an option, but my main issue is that the more fortunate are receiving benefits they don't need, which won't be affected by your suggestion.
@brendanm: No not at all - as I stated above, if your concept of "fairness" is limited to percentage of taxes, sure it's fair.
However, in practice, those standing to benefit the most are by definition are making $120k-$200k a year. They/we don't need that extra cash, it's not a great investment by the govt. We're not getting 'relief', our income is already good. We're just getting more nice stuff, and proportionately a lot more than those in the lower brackets.
What do you reckon is the major benefit for the country, giving the wealthy heaps of $$$?
@AlanHB: 120k isn't that much if you are in Sydney or Melbourne and wanting to buy a house. It's not about "relief", it's about actually getting something for working hard. Who would possibly push for a promotion that has them go into the 45% bracket, and give basically half of the extra money they are getting straight to the government, and cop the extra hours/responsibility. All it does is push those people to do anything they can to avoid paying that level of tax.
They should focus on spending the money wisely, and collecting corporate tax properly.
@brendanm: Considering many people have been doing it for decades, I think the idea that higher tax brackets would inspire people to be slackers is not super sound.
As for spending wisely, if the government wants a surplus as promised for consecutive future years, they'll be spending very little, more looking to cutting services in order to recoup this loss. It's what critics of Stage 2 and 3 of the tax cuts are concerned about.
As for arguments about Melb/Syd, 120k is still far above average wage, I don't think you should get a larger tax break based on where you live. On house prices, I suspect that they'll just rise to meet our newfound $$$.
@AlanHB: I never suggested that people should get a tax break based on where they live, and think a lot of people are stupid for wanting to try and live there on average incomes.
I never suggested that higher tax brackets encourage people to be slackers. It simply discourages success. Why would you work extra hours to only get 55% of the pay? No way I would be.
There are plenty of "services" that could be cut. Medicare, Newstart etc are obviously fairly important, but there is a lot of other stuff that is absolute crap.
@brendanm: If you earn $110k+ your income is higher than 90% of Australian workers, so if you think it's not much think of everyone who earns less, many of them working in Melbourne or Sydney. They don't necessarily work harder, the higher my income goes, the easier my work has become, but maybe it's different for other people?
@Miss B: I don't earn $110k+, I also don't live in overpriced cities.
From your comment in this thread about HECS, sounds like you are making around $50k or so, hardly at a point where you are getting responsibilities and massive hours. I am talking about the people paying 45 cents in the dollar, would be very senior engineers, high managers, executives etc. I changed jobs recently, income went up and responsibility went down, but I'm nowhere near paying 45% tax either, and have no wish to be.
@brendanm: All I'm saying is higher income doesn't necessarily mean working harder, it can mean working considerably less hard. And $120k is a high income even in Sydney, when compared to others. In my experience having more money makes life easier and working makes life better and easier than not.
People who aren't working or who aren't earning as much aren't necessarily lazier.
@Miss B: i look around me and everyones making at least 150k… at the age of ~30..
i think 120k is high if you are single. when you have dependents then you'd be surprise how quickly that 120k leaves your bank account (mortgage, kids, etc before even talking about entertainment).@legendary-noob: Okay, but only 10% of Australian workers actually earn over $110k, I haven't found the stats all the way up, but compared to what other Australian workers are making it is a lot of money. So if you consider it to not be much money, think of the over 90% of Australian workers who are earning less than that.
@Miss B: If they are business owners, no. Generally to be in the 45% tax bracket as an employee you've got to be fairly hard working, have spent a lot of time and money on education, and likely do long hours.
Of course having more money makes life easier. Working more hours and having more stress makes life harder.
I never said they were lazier. The statement I made was that people that are working hard deserve the rewards. I personally choose a fairly low stress job with good hours, so I don't get paid $120k+, and I'm happy to accept that.
I'd be much happier if it went to those in the lower pay brackets
You're always free to donate as much as you want to charities, and you can even claim those donations against your tax liability.
Tax cuts never work as stimulus, thats been proven around the world, time and time again. Trickle down doesn't work, never has worked.
You exist in our society, taxes make our society work. It is a free $1080, because our tax system was already very fair
And now it's a little bit fairer.
You exist in our society, taxes make our society work.
Taxes come from people who work.
Just want to clarify on this, so say if without this new rebate you would receive $1000 tax return, but this year if you fall under the criteria, you will get $2080?
If you're within the eligible income range you and you have completed your tax return you should get an extra $550. $530 was already legislated. If you calculated your refund without the low/middle income tax offset and you are eligible to receive it you would get an extra $1080.
yes. Think of it as +1080 on any return. So if you did your return, but end up owing $2000, then this would take $1080 off the $2000, so you only have to pay $920.
I have a HECS debt. Will I even see this? I’ve paid what feels like a ton of tax this year.
Unlikely depending on where you sit, I have a feeling mines gonna get swallowed up by the 1% payment which will be around at least 400 or so
Hi, what's the 1% payment that you mentioned?
https://www.google.com/amp/s/amp.theguardian.com/commentisfr…
'Say you are on $51,000 a year. You’ll now be paying 1% to Hecs, which is $510 a year.
Then you get a $2,000 raise. That puts you to $53,000. You are now paying 2% Hecs, but it’s applied to your whole $53,000 earnings, not just the raise.
So you’re now paying $1,060 to Hecs. That’s $550 more, out of a $2,000 raise – and that’s not even counting the extra tax. That’s $650 more.
You’re left with only $800 of your $2,000 raise.
The bracket creep-fearers and the high-income earners who say “What’s the point of making more if just means more tax” would faint if that happened to them.'
'Say you are on $51,000 a year. You’ll now be paying 1% to Hecs, which is $510 a year.
The minimum HECS HELP repayment for 2018-19 is 2% not 1%.
https://www.studyassist.gov.au/paying-back-your-loan/loan-re…
$53k income is still at 2% repayment.
The threshold used to be much lower. Ages ago (around the time of Kevin07), I was paying 4% of my income to loan repayment earning under 40k taxable income. Now that same amount, you would pay 0.
They are going off average debt, yours personally may be higher or lower
My debt is 6 figures, and my repayments are now well and truly 5 figures with this change
On the plus side i’ll Pay it off quicker, i’d rather pay off my home loan though :(
Smashed avocado.
Can I take this chance to caution you on frivolous spending and recommend you look into property investment.
Good time for when I fly to Japan in September
Another example of Howard’s cash splash to buy votes
Silent lol to the pensioners who won't be getting a raise haha, most of the silly buggers wouldn't have benefited from labor not winning anyway
"wouldn't have benefited from labor not winning anyway"
Chris richardson on 7.30 report …. Pensioners who will have their franking credits stopped have between 1.2 and 2.4 Million dollars in liquids assets"
All the other age pensioners [like my neighbour] etc will keep their franking credits is what Chris said
Who the hell as between 1.2 and 2.4 million dollars in liquid [cash shares etc]
They must be rich bastards
The franking system was only really useful to the super rich, the average retiree gets basically nothing from it
Its a staple of Liberal moves. Howard was the worst economic manager Australia for a long time, he squandered a decade of amazing growth, and paid for all his bribes by selling off all our assets and gold. What a trainwreck that guy was
I’m planning on helping some fake homeless people out.
Glad they got caught out
I feel like I've missed something….
I think there talking about those Chinese dudes in Melbourne who were really rich living in toorak pretending to be beggers. They were professional beggars from China apparently…
eneloop batteries?
Might get a bag.. Not the type your thinking.
All on black…
I don't mind being given money but nobody seems to be talking about where it's coming from. Taxes are used to pay for public services like hospitals, schools and roads.
Yeh and? why you complaining? It's possible that we are paying TOO MUCH tax and the government is just giving tax payers a refund
Yeah, I hear a lot of people complain our roads and hospitals are too good.
Taxes aren't spent enough on basics like hospitals, schools etc. They are wasted on all sorts of silly things.
@smartazz104: and far too many public servants - way more than we actually need - our fiscal drag is insane
Our roads and hospitals aren't great by any measure, but they're definitely good enough.
I get nothing :( the ATO will take their additional blood donation after I submit my tax return
If I was getting anything - nothing. I'm a saver. Blame mortgage debt and astronomical house prices.
Throwing it on an index eft.
Any one noticed this $1080 tax offset credit only lasts 3 years?
For those under 90k, yes.
This article breaks it down pretty well https://www.abc.net.au/news/2019-07-04/tax-cut-explained-wha…
This tax cut is designed for the richards. They can afford private everything and will not be affected by the inevitable public services cuts 3+ years down the track.
The richards?
The 'rich' (i.e. anyone on $125K or more) are not receiving anything from the immediate tax cut. I recommend you read the article in the post above yours
Middle income earners aren't able to afford private anything, and are always the ones missing out normally.
What is your definition of rich? An actual number or income figure would be good
$1 more than they earn would be my guess.
Welcome the tax refund.
Getting taxed 47% doesnt matter at what level of income is just punishing effort and hard work.
However it will all be saved coz like ppl said here, got mortgage to pay.
Its really not. If you are making enough to hit the 47%, you can well afford to pay 47%
Hurrr durrr I'll work these extra hours overtime so I can actually get payed less per hour. Punishment for hard work is stupid.
You don't actually get paid less per hour though, I've never had a pay raise through a tax bracket and had my cash in hand decrease.
It's probably more like an RPG, where it's easy to progress through the lower levels, but takes longer to progress through the higher levels, that is, when you have a higher wage, you need to earn significantly more to make meaningful increase to your hourly wage, at least when compared to those in lower tax brackets.
But note at this point you should be making around $70-80/hour pre-tax, versus $20/hour at Woolies.
@AlanHB: Lots of people are on overtime to get pushed into these brackets. Why do the overtime if half of it is taken off you straight away, to the point that you are getting paid less, or about equal your standard rate.
@brendanm: If you're taxed in the higher bracket for a short period of time due to overtime, you get it back on a tax refund, as the tax was incorrectly assessed for that time.
Still, doing the overtime hours will not decrease your cash in hand, even prior to the tax refund headed your way.
@AlanHB: I'm talking about regular overtime. Obviously it cannot decrease your cash in hand, just gives you diminishing returns on your labour.
That's like a relo coming into your house and taking stuff with the excuse that: "Oh you have two TVs, surely you don't need both".
I'm confused. Isn't this just a tax cut and not an actual handout of $1080 for anyone earning over 50k?
Its like a rebate we all get if your within 48k-90k income…ofc u get less income u get less tax rebate too.
But doesnt most of the rebate get eaten by medicare levy so technically you dont get 1080 on top of your usual tax refund like everyone else is thinking?
But if everyones company has paid them correctly then they theoretically shouldnt have got a tax return / bill at the end. This retrospective change then means everyone that was paid correctly will now get 1080 back …
3 spins wins !
Building new Pc system with the release of Amd Ryzen 3rd gen cpu…ezpz teeni winnie
Adidas Ultraboost
Lets hope that people do spend it.
The world economy, and in fact Australia's economy is going down the gurgler so the injection of $$ along with interest rate cuts, is part of a macro economic strategy to kick start things a bit.
Not unlike what happened in the GFC as provided by the Rudd/Gillard government.
I would have preferred that everybody got some sort of cut as an economic measure, not related to politics.
The RBA governor has been calling out for the government to do something for months.
Yup im spending mine! In Singapore! But I don't think thats what you meant…
Im flying Qantas though, so some money will stay here
I just lodged and the majority of the offset gets eaten by Medicare levies anyway :|
But that may be because i have 4k in investment losses. First time lodging it by myself since i no longer need an accountant.
That's something I've noticed too. I used to get a tax refund, but now I end up paying a small amount of extra tax every year. The Medicare Levy's increase has eaten it.
Medicare Levy or Medicare Levy Surcharge? The Medicare Levy should be withheld from your employer, and if not, consider yourself lucky as you have the money sitting in your savings/offset account for the entire year before you have to pay it back. If you're referring to the Medicare Levy Surcharge then take out hospital cover. The cheapest hospital cover's premiums will be less than the MLS.
Medicare Levy. Apparently my employer doesn't take it out of my pay packet. I don't pay the surcharge as I have private insurance.
Paying off debt. I have already contributed to boosting Australia's economy. I can't do more.
A new pair of tyres, wheel alignment and balance. $100 on a dinner and the rest on savings.
Are you sure its an actual 1080 extra in your pocket? Isnt it just a tax offset to the amount of tax you paid?
@brad1-8tsi: $365 subscription a year and only $50 generation and $33 loyalty bonus. Really lower returns