The Stimulus Cabbage is a coming!

[RG]

http://www.news.com.au/business/mone...017313,00.html

In news today tool of an academic loses fight to make a name for himself. Fail.

THE High Court has ruled the federal government's stimulus payments of up to $900 to 8.7 million taxpayers can proceed.

Legal academic Bryan Pape had argued the payments exceeded the Federal Government's taxation powers.

Laws passed by Parliament, which enable the ATO to pay bonuses of up to $900 to eligible taxpayers, do not make it an act of taxation but a gift, Mr Pape argued.

The ruling follows a legal challenge launched by academic Bryan Pape who argued that the payments constituted a gift, not a tax measure, for which the government had no constitutional powers.

The seven judges of the court's full bench ruled today the legislation in relation to the measure was valid.

More to come

[LowEL2XR8]

Awesomeness. Thanks for the info.

[bloggs24]

Nicely done, been waiting for any bit of news about this!

[outside]

good to hear, all be it only $250.00 coming my way

[fastfreddy]

Just remember nothing is free....We will all be paying for this long after we spend it.

[balthazarr]

Originally Posted by RG

http://www.news.com.au/business/mone...017313,00.html

In news today tool of an academic loses fight to make a name for himself. Fail.

Bah. He's already made a "name" for himself just by bringing the action.

[Jason[98.EL]]

Originally Posted by balthazarr

Bah. He's already made a "name" for himself just by bringing the action.

haha he has made himself out to be a looser

who will hire him now

i know i never would ( i couldnt afford him anyway )

he has caused himself emence embarrasment

i heard that most could receive it by monday if not tuesday

Jason

[Bucknaked]

Great news. It won't make those happy who are earning over the $100,000, but well, what can ya say. I'd sooner have what they are earning rather than $900. But for those on low to middle incomes, it will help them even if it is in the short term, every little bit helps.

[ZA-289]

YOOT!!! I need the dam money, I lost my job 6 weeks ago......

[bloggs24]

gah, ive got nothing to be excited about, done the calculator and im not eligible.

[LeadFoot81]

Pape only did this to make a name for himself, now he'll be known as 'the dude that stood up to the Govt of Australia' (and in small print) 'lost'

Re: the governments 'irresponsible' cash handouts, they'll be getting a large chunk of it back through the GST.

And imagine if someone were to spend their $900 on ciggies, booze, and fuel most of the 9 hunj would get back to the govt!

[KITBAG]

Originally Posted by LeadFoot81

And imagine if someone were to spend their $900 on ciggies, booze, and fuel most of the 9 hunj would get back to the govt!

What else we suppose to spend it on......
I know most of my will go on that.

[LeadFoot81]

lol good work 87, you're doing your bit for the economy! (and having a good time while you're at it)

[XR6_661]

Just read this now on News.com.au.

Can't wait to get mine. It shall being going towards a new set of tyres and a wheel alignment!

[SM1DY]

I'll probably end up having a huge night a the casino now that I've given it some thought.

Also, let's not mention 'Whats-his-face' name. We'll just forgot that some idiot could have cost 7million people $900 each.

[Josh_XC]

Originally Posted by SM1DY

I'll probably end up having a huge night a the casino now that I've given it some thought.

Also, let's not mention 'Whats-his-face' name. We'll just forgot that some idiot could have cost 7million people $900 each.

Yeh I will be doing the same, a few mates have already planned a big night out with the money.

[SAHeapsGood]

I dont agree with the Krudd Govt on this, waste of time and money... but ill never say no to money...

[Michael_F90]

Woohoo! mine'll be going strait into getting seats retrimmed in my XC!

[AdzT3-146]

will go towards rego and stamp duty on the T3

[fordomatic]

so when does it look like we will get the money, hopefully before easter.

[bdesigns]

hey guys... im wondering if anyone has heard that all university students get the payment as well?

i heard somewhere but i dunno if it went through.. :(

[Hoops]

Does anyone have a break down on who gets what and who doesnt?

[Deech]

Originally Posted by bdesigns

hey guys... im wondering if anyone has heard that all university students get the payment as well?

i heard somewhere but i dunno if it went through.. :(

You get another $950 as the training and learning bonus if you were collecting Centrelink study-related benefits (Youth Allowance, ABstudy etc) as of 3/2/09. You won't get the $900 everyone else is getting unless you paid tax last financial year.

[Black F6]

Originally Posted by bdesigns

hey guys... im wondering if anyone has heard that all university students get the payment as well?

i heard somewhere but i dunno if it went through.. :(

If you are receiving either youth allowance, or austudy/abstudy, and this was a centrelink one, not tax office payment, so if you were eligible you would have already received it

[4Vman]

Originally Posted by SAHeapsGood

I dont agree with the Krudd Govt on this, waste of time and money... but ill never say no to money...

You have to take the money weather you like it or not because again, weather you like it or not you'll be paying it back with interest over the next 4 years....

[Black F6]

Long post put everything about package

One-off cash bonus for eligible Australians

New $12.7 billion cash bonus to stimulate economic growth
The Government has announced a new $12.7 billion stimulus package to assist households and support economic growth. Under
the package, there are five key $950 one-off cash payments. Some people will be eligible for more than one of these cash bonuses.
The Government says the cash payments are being provided to support jobs and strengthen the Australian economy during the
global recession. Most of the one-off cash bonuses will be paid in March and April 2009. Legislation giving effect to the
announcement has been introduced and passed by the House of Representatives. However, there is strong opposition to the Bill
which could see it be amended before being passed by the Senate.
The effectiveness of the payments is by no means certain. Many economic commentators, including the Federal Opposition parties
are concerned that the payments will have little effect on the recession and leave the country with a very large debt burden for years
to come. There is also concern that the targeting of the cash bonuses has some obvious holes. For example, some people are not
entitled to the payments even though they are in similar or worse economic situations than those that are receiving the payment.
However, there are strong indications that the Government needs to do something to support the economy and at least soften the
impact of the world wide recession. Whether the cash bonuses are the best form of economic stimulus is difficult to determine right
now and may still not be known in the future.

Below is a quick summary of the various cash bonus payments that will be made assuming the Bill passes through Parliament in its
current form.

Tax bonus payment
A lump sum tax payment of up to $950 will be made to certain
Australian resident individuals who paid tax in the 2007-08
financial year. To qualify recipients must be residents for tax
purposes during the 2007-08 year and they must have a net tax
liability on their 2007-08 notice of assessment taking into
account:
�� Tax payable, Medicare levy and Medicare levy surcharge;
�� Less any tax offsets (such as the low income tax offset and
the senior Australians tax offset) and imputation credits.

Taxpayers may not be eligible for the payment if their tax
payable and Medicare levy less tax offsets and/or imputation
credits resulted in $nil tax payable in 2007-08. For example if
they earned less than $11,000 in 2007-08 and are entitled to the
low income tax offset, they would not have a tax liability and
therefore would not be entitled to the tax bonus payment. For
many senior Australians their position is worse. Where a
taxpayer is entitled to both the low income rebate and the senior
Australian tax offset and their 2007-08 taxable income was less
than $25,868 for a single person or $21,681 for a married
person, they will not receive the tax bonus payment. These
thresholds would be higher again when combined with any
franking tax offsets.

The tax bonus payment is not limited to salary and wage
earners (despite indications to the contrary in the Press).
Taxpayers earning investment income may be eligible for the
payment. However, these taxpayers need to consider the
components of their portfolio as an individual with a
concentration of fully franked dividends may have had a nil tax
liability.

This highlights some of the inequity in these tax bonus
payments where someone who receives their income from
interest bearing deposits is entitled to the tax bonus but another
person on equivalent net income but receiving it through franked
dividends may not be entitled to it.
How much will you receive?
Eligible taxpayers will receive a bonus payment based on their
2007-08 taxable income as follows:
2007-08 Taxable income
Payment
Up to $80,000 $950
$80,001-$90,000 $650
$90,001-$100,000 $300
TaxFlash - February 2009
2
Payments will begin from early April 2009 for those who have
lodged a 2007-08 tax return. Taxpayers will not need to apply
for the payment. The Tax Office will make the payment after
determining eligibility for the 2007-08 financial year.
Eligible taxpayers who have not already lodged their 2007-08
income tax return should do so by the end of June 2009 to
obtain the payment. It will be made by either a direct payment
including through electronic transfer, or cheque. The tax bonus
will not be assessable or exempt income of the taxpayer and will
not be used to offset a taxpayer's tax liability.

Single income family payment
A one-off payment of $950 will be paid to families who rely on
one main income earner. This includes certain sole parent
families and certain two parent families where one parent has
low income. Families eligible for Family Tax Benefit Part B on 3
February 2009 will receive the $950 payment.
Where the Family Tax Benefit Part B payment is shared
between two people, the payment will also be shared.
The payment will not be taxable and will not be counted as
income for social security purposes. Payments will be
automatically paid by Centrelink in the fortnight commencing 11
March 2009 for families receiving fortnightly family assistance
instalments. Families receiving lump sum Family Tax Benefit
Part B payments will not receive their payment from Centrelink
until after their 2008-09 tax return is processed by the Tax
Office.

Back to school payment
A payment of $950 per school aged child (4 to 18 years) will be
paid to families entitled to the Family Tax Benefit Part A at 3
February 2009. This means a family (with two children of school
age) eligible for the Family Tax Benefit Part A will receive
$1,900.
The back to school payment will also be available for recipients
aged less than 19 on 3 February 2009 who receive disability
support pensions or carer payments.
Payments will be automatically paid by Centrelink in the
fortnight commencing 11 March 2009 for families receiving
fortnightly payments. Families receiving lump sum Family Tax
Benefit Part A payments will not receive their one-off bonus
payment from Centrelink until after their 2008-09 tax return is
processed by the Tax Office.
The bonus is in addition to the Education Tax Refund and will
not affect eligibility to it.

Training and learning payment
A lump sum payment of $950 will be paid to eligible recipients to
assist with their academic costs for 2009. The payment consists
of two categories.
Category 1
The $950 payment will be paid to people eligible,
at 3 February 2009 for:
�� Youth Allowance (student and apprentices);
�� Austudy;
�� ABSTUDY;
�� Payments under the Veterans' Children Education Scheme
(VCES);
�� Payments under the Military Rehabilitation and
Compensation Act Education and Training Scheme
(MRCAETS); or
�� Families entitled to Family Tax Benefit Part A for each
eligible dependent full-time student aged 21 to 24 years,
(on the date of announcement) or who were subsequently
determined to be entitled to receive Family Tax benefit Part
A on the date of announcement.
The one-off payment will also be available to recipients of
Sickness Allowance and Special Benefit (under Age Pension
age).
The payment is non-taxable and will not be treated as income
for social security purposes.

Category 2
From 1 January 2009 until 30 June 2010 recipients of the
Education Entry Payment will receive an additional $950
payment on top of the $208 they would have received. Eligibility
to Education Entry Payment will be extended to Youth
Allowance (other) recipients and the qualifying period for all
eligible recipients will be reduced from 12 to 1 month.
This supplement is non-taxable and will not be treated as
income for social security purposes. The base Education Entry
Payment of $208 will remain taxable and treated as income for
social security purposes.
A double payment?
If an individual has received the Government's back to school
payment they are not eligible for the one-off $950 training and
learning payment. However, they are not precluded from
receiving the Education Entry Payment temporary supplement if
they received either of the one-off payments.

TaxFlash - February 2009
3

Farmer’s hardship payment
A lump sum payment of $950 will be paid to farmers and certain
small business operators who are dependent on income from
agriculture who, on 3 February 2009 are in receipt of:
�� Exceptional circumstances relief payments for farmers;
�� Interim income support for farmers;
�� Exceptional circumstances relief payments for small
business;
�� Interim income support for small business;
�� Transitional income support;
�� Farm help income support.
The payments will be made automatically by Centrelink in the
fortnight commencing 24 March 2009. The payment will be nontaxable
and will not be counted as income for social security
purposes.

[Deech]

Edit: Nevermind.

[vztrt]

One scary thing is that Mr Swan, when asked about a 3rd stimulus package' didn't deny that they bring another one out.

[Ralliart]

i had a feeling there as going to be a thread on this, I'm very happy that this is finally going through, so is this Monday they start transferring money

[gthofan]

Hell yeah! im goin camping for the long weekend now. Very happy chappy. And will go a very long way to the ICC unit i want