What are you guys spending the free $1080 on???

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

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Comments

  •  

    Spent mine upgraded the MTB I was going to buy. It's a SCOTT , just need to paint a MO on it.

    • -1 vote

      So did you actually get that 1080 back in your pocket?

      •  

        I've been thinking the same thing. An offset isn't cash. Then found this

        https://www.ato.gov.au/Individuals/Income-and-deductions/Off...

        •  

          Thanks! So i guess people wont actually get a bonus according to the site where it states:

          The amount of the offset you are entitled to will depend on your individual circumstances, such as your income level and how much tax you have paid throughout the year.

          The maximum offset is $1080 per annum. The base amount is $255 per annum.

          It does not mean that you will get an extra $1,080 in your tax return.

      • +1 vote

        Negging me for actually asking a question due to all the confusion and me genuinely wanting to know. Okay?

        •  

          I didn't neg, but your question was phrased in a way that reflects a common misconception of how tax breaks work.

          Any tax break, including this $1,080 (max) one is just a reduction of how much tax you needed to pay. If you've already overpaid on your tax, then you get it back. If you haven't, then you might just owe the tax office less money. Asking "did you get it back in your pocket" makes no sense in the context.

  • +6 votes

    Sweet! That's a monitor stand.

  •  

    Only $255 for me. Makes me sad but understand why.😂😂

  • -2 votes

    We are a morally bankrupt nation with no future. We support the LNP who would rather give tax cuts to the rich than support the disabled, children, healthcare, age care, unemployed and people in poverty.

    • +4 votes

      The tax cuts are going to those earning less than 125k, so not the rich.

      The people you mentioned already have welfare programs. The rich do not.

      • +1 vote

        But those making between 120k-200k will also be getting the tax cut starting 2022.

    • +2 votes

      The tax "cut" is actually a tax refund who is going to middle income earners because the govt knows that that's where the majority of swing votes probably were, and also they're the ones most likely to spend the money to inject back into the economy.

      Also, your generic rhetoric complaints are pointless.

      •  

        The tax CUT over the next few years, 2022 onward has devastating effects on public spending. How is that "generic rhetoric"? Would you like my to list the privatisation firesale and mass budget cuts on essential services? How is this pointless, unless you are a millionaire.

        • -1 vote

          You're right about the tax cut from 2022. It will reduce public spending but you haven't considered (or just put it in the too hard basket) the multiplier effect of spending that will take place as a result of the tax cuts, reduction in unemployment, and hopefully inflation which will in turn generate more tax dollars. All you choose to see is the negative socialist RHETORIC spewed by media outlets without considering basic economic concepts, probably because it's easier to complain about the now, rather than visualise and plan for a future.

    •  

      than support the disabled, children, healthcare, age care, unemployed and people in poverty.

      We already do and will continue to support them. How much money do you think should go towards these goals until you're satisfied?

  •  

    Btw that free money (I meet the criteria) will be going in the bank. Because people who earn 120+ a year have all they want already, the extra money sits into bank accounts and does not in the circulate the economy.

    The GFC stimulus package which Labor was roasted over had the opposite effect, because low income households spend that money.

    • +1 vote

      Am I missing something? The tax cuts are going to those earning below 125k, not above.

      That includes low income earners. The rich won't get this money, so they won't be spending or banking it.

      You can still spend the money if you are entitled to it.

      • +1 vote

        Tax cut for those between 120k-200k in 2022. It's what stage 3 of their plan was. Comes in when the cuts for lower incomes stop.

        •  

          Don't worry too much about that. By then Labor and the Greens will be back in power and they will repeal the tax cut to rich people.

          • -1 vote

            @lostn: Hopefully the greens will just string them all up, capitalist filth.

          •  

            @lostn: I'm not sure, the cutting benefits for the rich thing didn't fly very well at the last election (franking credits).

            •  

              @AlanHB: oppositions don't win elections, governments lose them.

              People will eventually get sick of the liberals and they'll be removed no matter how inept the opposition might be. I would be impressed if the libs get another 4 term tilt.

        •  

          By 2022, either the current tax cuts will have worked and the economy will be able to afford the tax cuts, or we'll be in such bad economic shape the govt will have all the cover it needs to cancel those tax cuts.

      •  

        The bottom 30% Low-income will pay 1.7% more
        The Middle-income 50% will pay 2.2% more
        The High-income 20% will pay 4% less

        https://www.budget.gov.au/2019-20/content/tax.htm

  •  

    Going to build myself a new Ryzen PC…..or probably just throw it against the home loan :P

  •  

    I paid $200k of taxes last financial year.

    You are all welcome 😁

  • +2 votes

    Nothing for me (or the wife either) unfortunately

    Yknow what is interesting to me? All those people that seem to be on Ozbargain earning >$500k per year seem to have disappeared on this thread…

  •  

    buying a 1080p projector

  •  

    I work for a PBI with salary sacrifice. So no free 1k for me. Maybe I should go back into government / corporate so I don't get screwed over. Took this job at 30k less salary annually to work with people with disabilities and still get (profanity) over. /rant over

  •  

    Saving for a rainy day.

  • +1 vote

    A vasectomy

  •  

    i'm putting it on my credit card to help cover the new zealand trip i just took

  •  

    Not everyone can get $1080.

    Here's a calculator

    https://www.budget.gov.au/2019-20/content/estimator/incometa...

  • +1 vote

    1080p….TV

  •  

    300 of these
    Dell Networking Switch N1524 /Dell N2024 $5 + Delivery (Was $1116/$2095) @ iTech, Dell N2024 $1.39 / N1524 $1.52

  •  

    Makes up for 1% of my home loan deposit

  • -3 votes

    Well I get $315 and pay quite a few of your $1080 lol

  •  

    Booze. And the remainder all on black.

  • +1 vote

    I'll most likely buy some coilovers for my car! :)

  • +1 vote

    So I guess the govt is trying to stimulate the economy with the $1080?

    Surely a better and more obvious and effective way to inject money into the ecomony is to increase benefits such as Newstart…. because most likely all of it will be spent.

    I must be missing something.

    • +1 vote

      The question is how would every taxpayer benefit from Newstart?

      •  

        Two ways….

        By increasing Newstart?….tax payers would benefit from their employer getting more money…. passed on to employees thru (pay raises?) or more shifts ……..benefitting taxpayers.

        The theory is that the Newstart ppl become employees due to the stimulus. So…less Newstart ppl….. benefitting taxpayers.

        •  

          History tells us people don’t necessarily spend their “stimulus” on goods / services that will stimulate the economy.

          Furthermore, I don’t think this $1080 has anything to do with the economy, rather was used to buy votes, and it probably worked to some extent.

          That last $900 the government wanted us all to spend on TV’s, mostly paid off debt. Probably downstream helped the economy, but had no short term benefits!

    •  

      I must be missing something.

      The reason is votes. Bribing the electorate with tax cuts has been part of the LNP core policy platform since Howard, and it's been shown to be very effective. It's unfortunate, because it has significant economic ramifications on the country - but I suppose the economic literacy of the LNP means that the economy will end up in a bad shape one way or the other.

      •  

        Wasnt the LNP plan half of the 1080 till they had to match labour's doubling of the offset?

        Edit I was probably wrong.

    •  

      Surely a better and more obvious and effective way to inject money into the ecomony is to increase benefits such as Newstart…. because most likely all of it will be spent.

      Consumer spending stimulates the economy but only short-term, as it doesn't lead to any increased productivity. You want a balance between immediate spending, and savings which go into capital investment to grow the productivity base.

  •  

    Straight into my investment account, along with my tax return.

  •  

    it's not free, but just taking less money from your pocket.

    I will suggest to use it to improve yourself (self education like buy online courses, books etc), or gym membership if you don't already have one, or get better health insurance if you need one.

    Myself? Well I have several investment projects and this will go straight into it.

  •  

    cocaine and hookers

  •  

    itunes gift cards for pokemon go coins

  •  

    Oculus Quest!

  •  

    On 1080Ti lol

  • +1 vote

    I’ll spend most of the money on women and booze… and I’ll squander the rest.

  •  

    Spending my 1080 on a 1920

  •  

    $1 hashbrown on mymacca's

  •  

    My tax calculation is $200 refund. I was curious as to why it's so low as to what's getting reported.
    My salary is $62k my wife a bit lower. If I reduce the amount of HELP debt owing to $5, my return jumps up to $2.3k.
    It seems the government has decided to use my return to pay down my debt for me. Boooo.

  •  

    Looks like mine is going on rego and 3rd party. It’s merely stopped me going backwards financially this year.

    •  

      Use this respite to get your finances in order. Don't think things are going to pick up soon generally.

  •  

    I'm spending my $1080 on a Nvidia GTX 1080, what else do you think it's meant for?

  • -1 vote

    fgo gacha

  •  

    You mean the free $500 not $1080

    •  

      It's really not "free" anything - it's just people's money the government isn't kind enough to not take this year.

  •  

    $200 in refund! Would I get my $1080 separetely or it was already applied? Just submitted my tax return yesterday.

  •  

    Nothing. I'm saving it for the inevitable downturn in the economy.

    My tax refund was about $2,600….I've spent a whopping none of it and will spend none of it.

    $1,080 for a so-called stimulus package? Not good enough, government. D-, must try harder.

    Now if they gave me a $5k+ discount on my tax bill…..I might spend some of it.

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