The Thin End of the Wedge
- Thread starter duncan_m
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Reply: 1
From: Felicity W.
I know one thing, I read the booklet from cover to cover to try and work out whether I was eligible for the maternity allowance, and it was a nightmare. Nothing is explained properly, every time I spoke to someone at Centrelink I got a different answer as to what was and wasn't used to calculate income...
Suffice it to say I decided my time was worth more than the allowance! I went and spent the time reading an investment book instead.
Keep smiling
Felicity
From: Felicity W.
I know one thing, I read the booklet from cover to cover to try and work out whether I was eligible for the maternity allowance, and it was a nightmare. Nothing is explained properly, every time I spoke to someone at Centrelink I got a different answer as to what was and wasn't used to calculate income...
Suffice it to say I decided my time was worth more than the allowance! I went and spent the time reading an investment book instead.
Keep smiling
Felicity
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Reply: 2
From: Adam Randall
Hello
When I started investing in property about 8 years ago, I had a gross income of around 70K (including rentals), yet I actually received the low income rebate of $150. I have been unable to achieve the after tax threshold for this benefit since, I did think it was a bit ironic, although I am not complaining.
Regards Adam
From: Adam Randall
Hello
When I started investing in property about 8 years ago, I had a gross income of around 70K (including rentals), yet I actually received the low income rebate of $150. I have been unable to achieve the after tax threshold for this benefit since, I did think it was a bit ironic, although I am not complaining.
Regards Adam
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Reply: 2.1.1
From: Anonymous
You may like to get a proper ruling on this.
In actual fact I found that your taxable income after property losses, has to have the actual losses claimed added back at a later part of the form.
Eg. Wage 40000
Property losses 35000
Net 5000
Add on negative gearing losses of 35000 will put you back up to a high income. This then reduces the amount of Family allowance / whatever you receive. Fortunately asset test which cut you out if you had $410000 worth of property was abolished last year.
Although if properties are held in a registered partnership (Own Tax No.) things are different.
Any one got any idea if this has changed?
From: Anonymous
You may like to get a proper ruling on this.
In actual fact I found that your taxable income after property losses, has to have the actual losses claimed added back at a later part of the form.
Eg. Wage 40000
Property losses 35000
Net 5000
Add on negative gearing losses of 35000 will put you back up to a high income. This then reduces the amount of Family allowance / whatever you receive. Fortunately asset test which cut you out if you had $410000 worth of property was abolished last year.
Although if properties are held in a registered partnership (Own Tax No.) things are different.
Any one got any idea if this has changed?
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Reply: 2.1.1.1
From: Cathy Baxter
Hi
Our accountant's newsletter has a whinge on this exact issue. "The process of applying for assistance through the taxation system for those eligible persons not receiving payments has proven to be complicated and time consuming, increasing tax return preparation costs for agents and clients. ... The changes to family assistance join the long list of challenges for tax."
If you are eligible seems you could save on tax preparation by receiving the benefit directly. But as Felicity points out that could also prove to be time consuming and challenging.
Cathy
From: Cathy Baxter
Hi
Our accountant's newsletter has a whinge on this exact issue. "The process of applying for assistance through the taxation system for those eligible persons not receiving payments has proven to be complicated and time consuming, increasing tax return preparation costs for agents and clients. ... The changes to family assistance join the long list of challenges for tax."
If you are eligible seems you could save on tax preparation by receiving the benefit directly. But as Felicity points out that could also prove to be time consuming and challenging.
Cathy
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