Posted September 11, 2018 07:29:23If you’re struggling to pay your rent or mortgage, or you’re just struggling to keep your house in order, then you’ve probably got financial help waiting for you.
The Federal Government has announced a $1.4 billion package of tax cuts for people on low incomes and a $15,000 payment for the first time for people in work.
The announcement has been met with mixed reactions, with some praising the package as a significant boost to the economy.
But others are concerned about the lack of financial help, particularly for those on the lower end of the financial spectrum.
What’s in the package?
The Federal Budget is currently set to deliver $1,846bn for the next financial year.
It’s an important step in the right direction.
The Government is aiming to reduce the amount of money people have to pay tax, as well as increase the minimum wage.
It also announced the rollback of the carbon tax, which was introduced in 2020.
The package includes a $7000 tax relief for Australians earning more than $150,000, $1 billion for the Reserve Bank, $2.2 billion for higher education, $5 billion for people aged 65-64, and $1 million for the Federal Government’s Education Payment Scheme.
The package will also provide $1bn for community projects, and the Government has set aside $1m for new low-income housing.
How to applyIf you have a low income, and your circumstances are getting out of hand, there are some things you can do to help.
The Budget announced $1 for every dollar your income falls below $150.
The maximum benefit for a household of four is $200 a fortnight, with people aged 75-79 and people aged 50-59 eligible.
The lowest income earner gets a maximum $100 per fortnight, and anyone over 75 gets a $20 per fortnight payment.
There are also tax credits available for low- to moderate-income earners and those who work from home.
There’s also a $5,000 lump sum payment to anyone who’s had an illness, and a payment for people who are unemployed or on the dole.
There is also $1 per week for people with children aged 6-18.
If you’ve got kids, the $10,000 child benefit is also available to them.
The Prime Minister, Malcolm Turnbull, said that this was a “fair and compassionate” payment, and that it was a positive step towards getting people out of poverty.
“It’s a great deal,” he said.
“And it will give a boost to Australian families as they start to pay the mortgage and make the payments that are coming up in the coming years.”