Carbon tax timeline – when will it hit you?

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The carbon pricing scheme is scheduled to take effect on 1 July 2012, but how it will affect Australians will change over the following years. Here’s a breakdown of important dates and what they will mean for your budget.

 

May-June 2012: Households will receive extra payments in the form of a lump sum advance.

 

  • Pensioners will receive advance payments of up to $250 for a single pensioner before the carbon price begins to help them meet price impacts

 

1 July 2012: Carbon price will be $23 for each tonne

 

1 July 2012: Cost of living goes up by 0.7% overnight:

  • Power - $3.30/per week
  • Food - $1.00/per week
  • Gas  - $1.50/per week
  • Petrol – no change

 

1 July 2012: tax-free threshold increases from $6,000 to $18,200

 

1 July 2012: every taxpayer with income below $80,000 will receive a tax cut, with most getting $300 a year

 

March 2013: A new Clean Energy Supplement will be paid, equal to a 1.7 per cent increase in pensions, allowances and family payments. The assistance will mean:

  • Up to $338 extra per year for single pensioners and self-funded retirees, and up to $510 per year for pensioner couples combined.
  • Up to $110 per child for a family that receives Family Tax Benefit Part A.
  • Up to $69 extra for families that receive Family Tax Benefit Part B.
  • Up to $218 extra per year for single income support recipients and $390 per year for couples combined for people on allowances.
  • Up to $234 per year for single parents in addition to the increased family payments they receive.

 

 

March 2013: Payments of the Clean Energy Supplement will be paid on a fortnightly basis from this date for pensions and most allowances

 

July 2013: Payments of the Clean Energy Supplement will be paid on a fortnightly basis from this date for family payments

 

July 2014: Payments of the Clean Energy Supplement will be paid on a fortnightly basis from this date for students on Youth Allowance

 

1 July 2015: tax-free threshold increases from $18,000 to $19,400

 

1 July 2015: A second round of tax cuts will apply, increasing the saving to at least $380 a year for most taxpayers earning under $80,000

 

 

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