what changes at $150,000?

Bill Gates: definitely rich


Families on incomes of $150,000 face losing thousands of dollars worth of government benefits if they earn just a dollar more…


Families earning more than $75,000 in the first six months of their baby’s life — equivalent to an annual income of $150,000 — become ineligible for the $5294 baby bonus.


Families where the primary carer for a newborn earns more than $150,000 in the financial year prior to their baby’s birth become ineligible for the government’s paid parental leave scheme, paid at $570 a week for a maximum of 18 weeks, for a maximum amount of $10,260. This income is taxed. Families who take this leave are ineligible for the baby bonus.


This is paid to single parents and families with only one main income earner to help with the cost of raising children. The maximum payment is $3909 a year for every child aged under 5 and $2832 a year for every child aged 5 to 15 (or 16 to 18 years if in full-time study). Once a primary earner earns more than $150,000 a year, families are no longer eligible.


The government is pushing ahead with a plan to phase down the 30 per cent private health insurance rebate for all individuals earning more than $80,000 and families earning over $160,000. If a family paying $3000 a year for private health insurance (including the 30 per cent rebate) were to suddenly earn more than $160,000 they would only be eligible for a 20 per cent rebate, meaning they would pay an extra $430 a year out of pocket.


A person earning $150,000 in the coming financial year will already pay about $750 a year under the government’s one-off flood levy. For every $1000 an individual earns above $150,000 they would pay an extra $10.


The government has indicated households earning more than $150,000 will not be compensated for the rising cost of electricity, gas and food under its proposed carbon tax. Treasury estimates that at a carbon price of $20 a tonne, households will pay an extra $400 a year on these items.

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