Payment of 2006/07 Child Care Rebate

The Family Asistance Office have reported that payments of the 2007 30% Child Care Rebate will be made from September.

Remember, this is the only year where you could receive two lots of the rebate; the 2005/06 child care rebate on your tax return and also 2006/07 rebate from the FAO. From next year, the rebate will only be paid through the Family Assistance Office.

We're overweight, marrying less and buying more

According to an Australian Bureau of Statistics (ABS) publication released last week, we're more likely to be overweight, less likely to marry, and consuming more goods and services. A few titbits include:

• The latest figures show that around 7.4 million Australian adults (54%) were overweight or obese. This was an increase of more than 2 million adults from 1995.

• The probability of marrying has declined. If current rates were to continue, 31% of men and 26% of women would never marry.

• The Australian labour force participation rate for women of child-bearing age (15–44 years) rose from 59% to 71% between 1980 and 2005.

• While many goods and services have become more affordable others, such as education and hospital and medical services, have become less affordable because price rises for these services have outpaced increases in income and wealth.

• As our household income has increased so has household spending. The largest increases have been on communication services and goods for recreation and culture.

ASIC warns Aboriginal communities of get rich quick schemes

Source: ASIC Media Release - CA07-13

ASIC has urged consumers from Aboriginal communities to look out for potential scams following concern over an investment scheme that appeared to target communities on the south coast of New South Wales.

ASIC’s warning follows the unearthing of a scheme that proposed investors join a revolving wealth creation scheme that would see them divided up into groups to invest funds every week for three months, then each take turns to dip into the accumulated money pool. Promises made by the scheme included turning ten dollars into $1000 or more.

ASIC viewed this proposed scheme as being illegal under the Corporations Act as each ‘membership’ would have amounted to a unit in an unregistered managed investment scheme. ASIC’s enquiries found that the scheme never got off the ground but we are concerned that Aboriginal communities may be especially vulnerable to promoters of illegal schemes who promise large returns from affordable weekly contributions’, ASIC Executive Director of Consumer Protection, Mr Greg Tanzer said.

'ASIC is committed to ensuring that any investment schemes or scams targeting particular community groups are stopped before any investors join up.’ ASIC encourages all potential investors to carry out safety checks before investing their money. If the investment does not pass the test then these schemes should be reported to ASIC.The safety checks are:

- Search ASIC’s database to see if the company managing the investment holds an Australian financial services licence and is registered.

- Check ASIC’s list of illegal investments available at http://www.fido.gov.au/.

- Ask the seller for their product disclosure statement. This document must clearly and concisely set out information about the product.

Further, ASIC has established a toll free number (1300 365 957) to assist Indigenous consumers with any queries.

Additional information for Indigenous consumers and investors as well more information regarding scams and illegal investments schemes can be found at ASIC’s consumer website, http://www.fido.gov.au/.

Understanding Benefits: Multiple Birth Allowance

Multiple Birth Allowance is an extra payment to help you if you have a multiple birth.

Who Qualifies?
You can get Multiple Birth Allowance if you have three or more children who are born during the same birth for whom you receive Family Tax Benefit.

How much is it?
The Allowance can be added to your Family Tax Benefit. The Australian Government has announced that from 1 January 2008, families will remain eligible until the children turn 16 years of age, or for fulltime students, until the end of the calendar year in which they turn 18.

Parents of triplets will receive an additional $3,179.15 extra per year ($121.94 fortnightly).

Parents of quads or more are entitled to an additional $4237.65 each year ($162.54 p.f).

How to apply?
You do not need to make a separate claim for Multiple Birth Allowance, as it will be paid as part of your FTB.