Printable View
The "breaking News" just said that PM has promised $1000 per child whose family recieve FTB, (not sure if A or B?) , starting Dec 8th this year as a once off payment to help with the financial crisis??
Also double First Home Buyers Grant, and $1000 for pensioners...
Can it be true, and will they then tax it at tax time? It didn't say TAX FREE???
Dunno if its tax free... I *assume* it is if its related to the FTB? DUnno if it's $1000 per child, or $1000 per family...?
from news.com.au
:
Cash thrown at economic woes
October 14, 2008 12:29pm
Rudd unveils $10.4 billion stimulus package
Pensioners and carers get lump sum payment
$1.5 billion for first homebuyers
PRIME Minister Kevin Rudd and Treasurer Wayne Swan have unveiled their stimulus package in a bid to protect the economy from a damaging slowdown in the face of the global financial crisis.
Pensioners and first-time homebuyers are among the beneficiaries of a $10.4 billion package which has been thrashed out at an emergency cabinet meeting.
The strategy includes five key measures, Mr Rudd said.
- $4.8 billion for an immediate down payment on long term pension reform;
- $3.9 billion in support payments for low and middle income families;
- $1.5 billion investment to help first homebuyers buy a home;
- $187 million to create 56,000 new training places in 2008/09;
- Accelerate the implementation of the government's three nation building funds and bring forward the commencement of investment in nation building projects to 2009.
Pensioners and carers
Australia's four million pensioners, carers, and seniors will benefit from December 8.
Single pensioners will receive a lump sum payment of $1400 while pensioner couples will receive $2100.
People receiving the carers allowance will also receive $1000 for each eligible person in their care.
First homebuyers
First homebuyers will be eligible for grants of up to $21,000 designed to stimulate housing activity.
The scheme will be time limited. All contracts entered into by June 30 next year will be eligible for the new assistance.
The payment under the first home buyers scheme will be doubled from $7000 to $14,000 and first home buyers who buy newly-constructed home will receive an extra $14,000 taking their total grant to $21,000.
The Government will invest about $1.5 billion in the housing market over 2008/09 and 2009/10 through this initiative.
Money for kids
The Government said about 3.9 million Australian children will receive a $1000 one-off benefit from December 8.
Families who receive Family Tax Benefit (A), families with children who receive the Youth Allowance, Abstudy or a benefit from the Veteran Children's Education scheme will be eligible.
Mr Rudd said the Economic Security Strategy would strengthen the Australia economy "in the face of the worst global financial crisis since the Great Depression."
"The global financial crisis has entered into a new, dangerous, and damaging phase," he told reporters in Canberra.
"That's why the government has decided to act decisively and early on the question of this economic security strategy for the future.
"(It's) decisive action, responsible action, early action, all in Australia's interests."
Mr Rudd said the package would support growth in the domestic economy and provide practical support for households.
- More to come
Thanks babe... ;)
Doesn't everyone receive FTB Part A? Not just low and middle income earners? I receive it as a lump sum at the end of the year, I wonder if I will get it, esp since my family income just about exceeds the $150k threshold?:
Families who receive Family Tax Benefit (A), families with children who receive the Youth Allowance, Abstudy or a benefit from the Veteran Children's Education scheme will be eligible.
Well, that would definently help fill the freezer, wouldn't it?:dance:
woo hoo - !! homebuyers grant that is...
is FTB A the one that most of us get?
Oh wow. I wonder if it is per child, or per family.
I'm somewhat scatterbrains today, so I'm a little confused..
So we just bought our first home a couple of months ago, does that mean we get the new assistance???:
The scheme will be time limited. All contracts entered into by June 30 next year will be eligible for the new assistance.
We got the $7,000.
I'm a little lost. Lol.
:nahnah:
Sushee I think you are thinking of FTB(B)...
:
Family Tax Benefit (FTB) Part B provides extra assistance to single parents and families with one main income. This includes circumstances where one parent chooses to stay at home or balance some paid work with caring for children.
From 1 July 2008, FTB Part B will be limited to families where the primary earner has an adjusted taxable income of $150,000 or less per annum.
Thanks Leasha,
I was just confused because since the last budget, the 'benchmark' of when a family was considered to be low or middle income was pretty much if they had a combined income of less than 150k. So when they say they're giving low and middle income earners $1000, I wonder if my family qualifies as a low/middle income family. Because I thought everyone with children got FTB part A, not just low/middle income earners. So if getting FTB(A) is the 'qualifying' criteria, then won't anyone with a child get the $1000?
Or is there an income threshold after which you don't get FTB (A or B) at all?
:
no its B thats most common its the one based on lower earner ie SAHM, we dont qualify for tax a but get full amount for tax b as I am a SAHM
FTBA is limited income for families depending on the number of children and the combined family income. i would hope that, if you collect FTB at the end of the year, it would be based on whether you met the elgibility criteria on the date in question (so Dec 8 as it appears to be) - in cases where you don't receive it prior to that date as your income is over the threshold (ie you have one child) but another is born later that allows you to receive it for the later half of the year, then you'd not receive it in a lump sum payment.
having said all that, it's only on the news sites at the moment - i just checked a few of the govvie websites, and i'm only assuming this is how it will be - i'm sure it will be in the media a lot of the next few days, but i would suggest checking Family Assist or FaHCSIA websites for clear information
FTB(A) has an income test...
(can you tell I'm bored I'm searching the CENTRELINK website LOL:
For Family Tax Benefit Part A, if your family's actual annual family income for this financial year is $42,559 or less, your payment will not be affected by the income test.
If your actual annual family income is more than $42,559 for this financial year, your payment will reduce by 20 cents for each dollar above $42,559, until your payment reaches the base rate of Family Tax Benefit Part A.
Your Family Tax Benefit Part A will stay at that rate until your actual annual family income reaches $94,316 a year (plus $3796 for each Family Tax Benefit child after the first). Family Tax Benefit Part A will reduce by 30 cents for every dollar over that amount until your payment reaches nil.
Even more confused now!
Okay just checking again: I get FTB (A) as a lump sum but as a double income family I get no FTB (B). And according to Rudd's announcement, anyone on receiving FTB (A) will get $1000. So doesn't that mean almost anyone with a child will get it?
Okay, so basically I should get very little (if any) FTBA this financial year at all, as my family income is a fair bit over the threshold of $94,316 + $3796. Which means I likely won't get the $1000. :rolleyes:
Oh well. :) It was a nice thought. Lol!
Yep Sushee, if you receive A you get it. B isn't in the consideration.
Love
No not everyone will get it if their incomes are over a certain amount as in this table
Table 2: Income limit at which Family Tax Benefit Part A including the supplement is no longer paid Number of Children
0-17 years Number of Children 18-24 years
No children One Two Three
No Children - $102,249 $113,978 $126,607
One $100,801 $112,530 $125,159 $137,788
Two $111,082 $123,711 $136,340 $148,969
Three $122,263 $134,892* $147,521* $160,150*
A bit hard to read like that, might make more sense online at the FA site
Going off my own payments, FTB B is payed to low income. You either recieve it, or you dont qualify.
But FTB A is payed on a sliding scale, on the LOWEST income earners salary. So you should get it Sushee.
But since you dont get it as a fortnightly payment, not sure WHEN you'll get it??? :doh:
That made sense to me, LMS - thank you for the info. It confirms that I'm ineligible for FTB this financial year.
Jodie, FTBA is paid based on combined income according to the FAO website, and for 2 kids under 18, it's $111, 082, so I actually am ineligible for FTB at all.