Wonderful how our tax system can be exploited by the already rich to buy their cafe lattes and lunchtime sandwiches but parents struggling to pay for childcare get only minimal assistance. Crikey.com.au today broke the story of the Cafe Card that is issued to employees of Macquarie Bank, colloquially known as the Millionaires Factory because of the fabulously high salaries enjoyed by their employees. It seems they get other benefits also. As explained to staff, the Card enables them to purchase coffee and food from certain cafes with pre-tax income. For a person earning $100,000 a year, that represents a benefit of more than $800 a year. To see how it works, click here.
Many parents no doubt wish they could purchase childcare with pre-tax income
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TAX BREAKS FOR COFFEE BUT NOT FOR CHILDCARE1 comment to TAX BREAKS FOR COFFEE BUT NOT FOR CHILDCARE |
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I have just worked out I spent over $11,000 on childcare this year and that was just for the 9-3pm slot then there were nanny’s from 3pm at $15 per hour.
I am simply investing in my career. Howard clearly wants me at home, what about my tax break ?