The Budget. What does it mean for you and your family?
What does the budget mean for you?
The many ‘leaks’ that have been coming thick and fast about the Budget the past few weeks are the usual strategy by whichever Government is in power to soften the blow of announcements on Budget night. So this one wasn’t full of many unexpected surprises. That said, it will have an impact on most, if not all of us.
So what are the main pointers in terms of families?
• Paid paternity leave has been postponed from July 2012 to January 2013.
• The plan is to freeze the indexation of Family Tax Benefits, meaning for the next three years they will be fixed at 2010 levels of $726 a child for FTB A and $354 for FTB B. T
• The thresholds will be frozen at at $150,000 a year for Family Tax Benefit B.
• For the Baby Bonus, the limit will remain unindexed at $75,000 family income for the six months after the birth or adoption of a child. Paid Parental Leave will see the income limit frozen at $150,000 for the primary carer.
• If you are receiving the low-income tax offset of $300 this will be paid during the year instead as a lump sum.
• A condition of those receiving income tax benefits is that children must have a health assessment before they start school
• New work tests and definitions for incapacity are to be introduced to get more people off Disability Support Pension and into the workforce. This will affect young parents, long-term unemployed and disability support pensioners who will have to meet strict work and training requirements or risk having their payments cut under the proposed changes planned in the budget.
• There are planned tax cuts of up to $3900 a year for single parents in part-time work.
• $200 million will be funneled into schools to support students with disabilities.
• The Dependent spouse tax offset to be phased out, beginning with those under 40 with no children. This handout dated back to 1936
• The Family Tax Benefit Part A for teenagers will be increased by up to $4208 a year, with more flexible access arrangements. This is for households with 16- to 19-year-olds
These are just some of the proposed measures. What are your thoughts on the Budget?
5 Member comments Post a reply
What does the proposed Budget mean for you and your family. Here's an outline.
Read the full blog post: The Budget. What does it mean for you and your family?
Posted 11 May 2011 - 09:40 PM
I'm a working mum of almost 3 kids and worried about the budget. As it is we don't get any govt benefits as we are just on current cut off limits. We only qualify for CCR which everyone is entitled to. Can anyone tell me if we are going to lose that now also?
Posted 12 May 2011 - 05:59 AM
Changes are constant in terms of what's going on in the world, government baby bonuses and family-related tax issues and prices of what family views as "necessities." You can either allow yourself to get emotional about what you cannot control or roll with the punches and make the best of your situation. Our family finds that combining reusable nappies with disposables is one way we save money.
Posted 13 May 2011 - 11:53 PM
I don't think much of their budget at all, first of all they want father's to be apart of their children lives, so the most important time for them to bond is from the day they were born, so what has the gov. done frozen it, needless to say the birthrate will probably slow down for those 6 months, when our bub was born my husband had 8 weeks off, he helped out all the time & still does, but it was his time to enjoy the newest family member as well,24/7. It also gave me a chance to be able to have a break & cathch up on sleep. PArt A & B doesn't effect us now so that won't change as we don't recieve it. I think the ones who miss out the most are the middle class, they say it is going to help as we will get money back, maybe it would be a better idea to get rid of all the hiddden taxes we already pay & they wouldn't have to give it back. It is funny to notice that they have introduce the section about the teenages, considering both of Mr Swans children are of that age. Overall, my opinion is, they all promise great things when it comes to election times but when it comes to actually being voted in, the promises go out the window, & it is the normal everyday, hard working person out there who misses out. Maybe what they should do is live in the life of a working family for a month, & get in touch with reality. I noticed they gave themselves a pay rise again.
Posted 22 May 2011 - 10:50 AM
These are the two which affect me the most. Mainly in terms of research and hopefully not in the financial sense, although it does look dire.
Each year, I overestimate my income so that at the beginning of the new financial year, I get a lump sum so I can have a family holiday or buy important things that are overdue on our to-do-list.
And because I homeschool, I am wondering if I still need to take my children for a health assessment and what the health assessment implicates - whether it is more invasive or a simple visit to my child health nurse.
Posted 23 May 2011 - 12:35 AM
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