Date: May 16 2012
MORE than 1.6 million families across the nation will start receiving their share of $325 million in compensation for the carbon tax from today.
Families receiving family tax benefit A will receive up to $110 for each child, while those receiving family tax benefit B will get up to $69.
Families who receive the tax benefit fortnightly should receive payments in their bank accounts over the next two weeks. A small proportion who claim the benefit annually will receive the money when they file their next tax return.
In Victoria, 415,400 families will share in $79 million.
Further relief will come from from July when many families will get a tax cut. All taxpayers with incomes of up to $80,000 will get relief, with most getting a cut of at least $300.
And from June 20, families with school-age children will get another boost with the first instalment of the Schoolkids Bonus. The bonus - which replaces the Education Tax Refund - is worth $818 for each child at secondary school and $409 for each primary student.
Legislation for the Schoolkids Bonus was rushed through Parliament last week.
Opposition Leader Tony Abbott said yesterday while the opposition supported the Education Tax Refund, which reimbursed families for education spending, it did not support the up-front bonus, describing it as ''a cash splash with borrowed money''. ''It's disguised carbon tax compensation and that's why we didn't support it,'' he told ABC radio.
Families Minister Jenny Macklin said while Labor was delivering extra payments, the Liberals ''are planning to claw back money from families and pensioners''.
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