Tax Savings

Regardless of the fact that the city of Sydney is not all that happy with the estimated cost of building bike and cycle paths throughout the city, it doesn’t mean they dislike biking and all the benefits that go along with it.

Its Friday and I’m already looking forward to the pub and the weekend. I’m expecting a lot of budget talk with my mates tonight and I need to get my thoughts together for the onslaught as it could be quite vocal.

There are however, some good things in the budget along with many nasties which I intend to raise. I looked at how the deposit tax works as it seems good.Not that my drinking mates really have much cash to invest at this time, but when they get their tax back with Xpnsit they may be tempted.

Rummaging through the budget papers, to find out what’s in it for me, I’ve noticed to my alarm my annual child rebate is to be cut starting this July and that by 2014 about 76,000 families are likely to be affected. Worse still its estimated working families could face daily charges of about $125.00 for childcare services in the CBD.

I never get excited about federal budgets. And I’m not scared of tobacco or beer and wine tax increases, as I don't drink too much and don’t smoke. However, what could make smoke come out of my ears is the promised tax back allowance starting in July 2012.

Many of my work mates don’t believe in the China driven commodity boom growth thing, although we like the work for now. You only have to read about their stock market and housing market credit bubble which seems to be heading for trouble with over inflated prices.

If my boss tells me I’ll be getting a raise soon, no question I’d be all smiles on that day. Heck I’ll still be all smiles if he tells me I’d might get a raise in the future. I’m pretty sure most working Aussie’s would feel the same way too. However, when a “raise” comes from the Reserve Bank of Australia (RBA), I know I should be a little concern to say the least.