Problem with my understanding of the stimulus cabbage?!

[Kamshaaft]

In order to be eligible for a payment you submit your 2007/2008 tax return by 30th June 2009, right? And then the government assesses your income to see if you're eligible and which payment bracket you fall into so that they can send the fat stacks of stimulus cash out the door in April 2009, right?

So how exactly are they going to calculate how much to send you two months before they even recieve the data with which they're going to use for those calculations?!

[3vXT]

Obviously the people that will get their Rudd money in April are the ones that have already put their 07/08 returns before then.

[kenz]

obviously if you havent lodged your 07/08 return then they dont send you anything until you lodge it before june 30

[3vXT]

Submit your 07/08 return in May and if eligible, you'll get the money sometime after that. Submit it after june 30 and you get nothing. (i think)

[3vXT]

obviously

[kenz]

Originally Posted by ken2903

obviously

obviously obvious :

[MITCHAY]

From my understanding those who have already submitted their tax return get it in April. Others will be delayed if they lodge late. I don't care so long as I get some money :

[sgmxr8]

Hi Guys,
Most people have already lodged their 07/08 tax returns - last year! the tax return you do this year will be the 08/09 return! and you cant really lodge it until you get your group cert. Might clear up a bit of confusion :

[crusher]

also from what I understand it works on if you paid tax. Now everyone will say "yes i paid tax everyweek" of couse you did. But if when you lodged your tax return and you got ALL of your money back OR get extra back (claimed things) you WILL NOT get the 900 dollars. Cos then you "DIDNT" pay tax....

Apparently this little bit of info has been cleverly left out or made obscure and misleading in most adverts.

Now im not an accountant just a forkie so if thats slightly wrong...sorry but thats what Ive been informed by all the clever people. So MOST people will be getting the money but some may not! I think the way they have set it out and misinformed people is a load of bullsh**

[SM1DY]

I don't follow this, i thought that your 07/08 tax return had to be lodge on or before 31/10/2008 and then if you owe anything, it need to be paid by the 23/03/2009. What's all this talk about lodging before the 30th of June 2009?

[xy500]

Originally Posted by crusher

also from what I understand it works on if you paid tax. Now everyone will say "yes i paid tax everyweek" of couse you did. But if when you lodged your tax return and you got ALL of your money back OR get extra back (claimed things) you WILL NOT get the 900 dollars. Cos then you "DIDNT" pay tax....

Apparently this little bit of info has been cleverly left out or made obscure and misleading in most adverts.

Now im not an accountant just a forkie so if thats slightly wrong...sorry but thats what Ive been informed by all the clever people. So MOST people will be getting the money but some may not! I think the way they have set it out and misinformed people is a load of bullsh**

i thought this was fairly obvious when in the criteria it stated, must have paid tax in the 07/08 finiancial year

[Pat Riley]

Time to get the tax accountant in lol as there is a lot of misinformation above.

Please refer to the below ATO website which details everything you need to know.
http://www.ato.gov.au/corporate/cont....htm&page=3&H3

Stimulus package is as follows:

$900 if your 2008 taxable income is up to and including $80,000
$600 if your 2008 taxable income is between $80,001 and $90,000, and
$250 if your 2008 taxable income is between $90,001 and $100,000.

Your payment will not be used to offset any of your other tax debts.

Payments will start from 6 April 2009.

You need to pay at least $1 of tax to claim an amount of the $900 back. The $1 is based on the sum of (A + O - G) on your income tax return estimate page being greater than $1. A = taxable income, O = medicare levy, G = tax offsets.

This means that your withholding tax or PAYG instalment tax has no bearing on whether or not you are entitled to receive the bonus.

If for example, your employer withheld too much tax (PAYG withholding tax) and you are receiving a refund from the government, you will still be able to access the $900, as long as your taxable income plus medicare levy (normally 1.5% of your taxable income), less any tax offsets like lthe low income tax offset, entrepreneurs tax offset, mature workers tax offset etc are greater than $1.

Due to the first $6,000 being tax-free under the marginal tax rates, and the low income offset being $750, after $6,000 you are paying tax at the 15% marginal rate. $750 / 15% = $5,000. Therefore for most people, you will not have to pay a dollar in tax unless your taxable income exceeds $11,000 ($6,000 + $5,000). So if your taxable income is < $11,000 you shouldn't even really be thinking about getting this bonus as you won't be able to.

Lodgement dates are as follows. A lot of our clients do not have to lodge their 2008 income tax returns until 15 May 2009.

Key Dates

INDIVIDUAL TAX

31st October, 2008 Income tax returns for individuals with no agent involvement

31st March, 2009 Income tax returns for individuals with agent involvement

BUSINESS INCOME TAX

31st October, 2008 Income tax return for all entities where one or more prior year income tax returns were outstanding as at 30th June, 2008

31st March, 2009 Income tax return for companies and superannuation funds with total income in excess of $2 million in the latest year lodged

15th May, 2009 Income tax return for all other entities not required earlier (including all other consolidated groups) and not eligible for the June 5 concession

5th June, 2009 Income tax return for non-taxable or refund as per latest year lodged as well as actual non-taxable or refund in current year all entities with a lodgement end date of 15 May except large/medium business taxpayers & head companies of consolidated groups

[ZA-289]

They are saying, if you haven't lodged LAST years tax return yet, do it by june 30 this year to get your stimulus cabbage.

(I think)

[LeadFoot81]

So basically as long as you earnt at least 11 thousand taxable dollars on top of all the rebates/stuff you can claim you will get the bonus?

[Scott]

Originally Posted by LeadFoot81

So basically, if you got money back when you lodged your return you dont get anything at all? Hmmm...

: Getting money back via your tax return doesn't mean you didn't pay tax..... unless you have an accountant a whole lot smarter than mine. As stated above, if you paid tax, you are entitled to some form of stimulus ejaculation from our idiotic Government.

[jcxr]

Wheres TZENU when you need him?

[Ghiadude]

When i need car advice i go to an accountants forum lol:

[Feathers]

I don't like cabbage.

[vztrt]

Nothing wrong with cabbage!

[RG]

If your taxable income on your 2007-08 notice of assessment exceeds $100,000 you are not eligible for the payment.

If your taxable income is $100,000 or less, you can calculate your adjusted tax liability from information included in your notice of assessment by:

* adding the amount at label A (tax on taxable income) to the amount at label O (Medicare levy and Medicare levy surcharge),
* adding the amount of Foreign resident withholding credit, if any, shown in the note to label G then
* taking away the amount at label G (tax offsets and other credits).

This final figure is your adjusted tax liability. If the figure is greater than zero and you meet the other criteria, you are eligible.

[LowEL2XR8]

I know some people who have already received the bonus about 2 or 3 weeks ago.

So whats this about April 6?

[Black F6]

Originally Posted by GTP006

: Getting money back via your tax return doesn't mean you didn't pay tax..... unless you have an accountant a whole lot smarter than mine. As stated above, if you paid tax, you are entitled to some form of stimulus ejaculation from our idiotic Government.

Not if you got all your tax back, eg taxable income under $11k

[Scott]

Originally Posted by BFXRScott

Not if you got all your tax back, eg taxable income under $11k

If you got all your money back, you didn't pay tax did you.

[GasoLane]

Originally Posted by LowEL2XR8

I know some people who have already received the bonus about 2 or 3 weeks ago.

So whats this about April 6?

That could have been the school kid bonus of $950 per brat

[Spanrz]

After paying well over $600 in tax, for last financial years effort, and paying the year before as welll, I'l be bloody belting heads this year if I don't get it - "the cabbage"
(I meet all the criteria, so I shouldn't have a problem)

But the problem is that the stimulus is going to my house insurance and vic roads in the same week.

As the saying goes "Easy Giveth - Easy Taketh"

[GasoLane]

Originally Posted by Spanrz

After paying well over $600 in tax, for last financial years effort, and paying the year before as welll, I'l be bloody belting heads this year if I don't get it - "the cabbage"
(I meet all the criteria, so I shouldn't have a problem)

But the problem is that the stimulus is going to my house insurance and vic roads in the same week.

As the saying goes "Easy Giveth - Easy Taketh"

Is that $600 per week or per year ?

[Scott]

And those who contribute the most tax, get nothing in return for their efforts. Shame ALP, shame.

[xy500]

Originally Posted by GTP006

And those who contribute the most tax, get nothing in return for their efforts. Shame ALP, shame.

and those who contribute the most tax are bloody rich so quit your whinging

[3vXT]

Originally Posted by GTP006

And those who contribute the most tax, get nothing in return for their efforts. Shame ALP, shame.

OH MY GOD are people still sprouting this crap.

For the record, i don't agree with it and generally think its a pretty silly idea that will cost us all in the long run but aside from that...

Its not a reward for being a good capitalist, its a stimulant to the economy. It goes to the people that are most likely to spend it quickly, not those who deserve it the most. Why is that so hard for people to understand???

EDIT: I'll answer my own question. Its because generally, people are greedy A holes, even those that earned over 100K or whatever the cutoff was.

[Scott]

Originally Posted by xy500

and those who contribute the most tax are bloody rich so quit your whinging

Why don't you go down to Centrelink and drop your opinion - my guess is that a couple of hundred miners will be glad you stopped by.

On that, what do you and ken2903 think of all the thousands of miners who had a bumper year in 07/08 but don't have a job anymore?

I guess they don't need it?

I guess they're the richest guys in the dole queue?