Calculating income for scomo $1080 handout

Discussion in 'Accounting & Tax' started by Keentolearn77, 4th Jul, 2019.

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  1. Keentolearn77

    Keentolearn77 Well-Known Member

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    hi

    With those earning under $126k qualifying for scomo’s handout of $1080:shortly

    Is $126k income based on ones PAYG, OR would it also be based on including any rental income from investment properties.....

    Ie: payg $100k & IP’s yearly rental income say $50k. = $150k total......

    Based on the above example does that mean one wouldn’t qualify....

    Or is there a bit more number crunching required to decide.....
     
    Keentolearn77, 4th Jul, 2019
    #1
  2. Coota9

    Coota9 Well-Known Member

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    I haven't read the fine print but I would assume it's based on your taxable income
     
    Coota9, 4th Jul, 2019
    #2
  3. Propin

    Propin Well-Known Member

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    Would assume taxable income 18/19 onwards
     
    Propin, 4th Jul, 2019
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Don't spend it before you get it!

    It would be based on taxable income so wage and rent less deductions.
     
    Terry_w, 4th Jul, 2019
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  5. GoneFishing

    GoneFishing Well-Known Member

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    What do those over $126k get?
     
    GoneFishing, 5th Jul, 2019
    #5
  6. TMNT

    TMNT Well-Known Member

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    A high five!:)
     
    TMNT, 5th Jul, 2019
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  7. euro73

    euro73 Well-Known Member Business Member

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    In 5 years time, or thereabouts
     
    euro73, 5th Jul, 2019
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  8. Propin

    Propin Well-Known Member

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    Propin, 5th Jul, 2019
    #8
  9. SatayKing

    SatayKing Well-Known Member

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    Not being in the PAYG system and only knowing of the actual tax liability after my return is done, spare a thought for those of us who will either be left in the dark or left out.

    Or maybe not you heartless so and so's.
     
    SatayKing, 5th Jul, 2019
    #9
  10. Keentolearn77

    Keentolearn77 Well-Known Member

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    Thanks terry !!
     
    Keentolearn77, 8th Jul, 2019
    #10