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Currently Australian baby bonus payment is not income tested. But Starting From 1 January 2009 a family income test will apply to the Baby Bonus.

For children who are born or who enter care on or after 1 January 2009, the income test will limit eligibility to families with an Adjusted Taxable Income of $75,000 or less in the six months following the birth or entry into care of the child.

If you receive the following types of income in the six-month period following the birth of the child or the child’s entry into care, you will need to include this income in your estimate of income for that period:

• Taxable income - this is your gross income minus allowable deductions and
• The value of net rental property losses or gain and
• Employer provided or reportable fringe benefits  and
• The value of any tax free pensions or benefits  and
• Any foreign income 
• The full amount of any child support you and/or your partner pay. (Read the article)

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Gabriella cilmi get six nominations in this year Australia Aria Award including Best Female Artist, Single of the Year, and Breakthrough Album.

HIGHEST SELLING SINGLE
Delta Goodrem - In This Life
Gabriella Cilmi - Sweet About Me
The Potbelleez - Don’t Hold Back
The Veronicas - Untouched
The Veronicas - Hook Me Up (Read the article)

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Qantas said today that as previously announced it has been exploring a minority Initial Public Offering (IPO) of the Qantas Frequent Flyer business.

The Board, at a meeting this week, decided that in this period of heightened market volatility, it would be appropriate to defer the IPO. (Read the article)

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ASIC restrict short selling in Australia Stock Exchange . The Australian Securities and Investment Commission has made the following decisions to apply from the opening of the market on Monday, 22 September 2008:

1. Naked short selling banned
2. Covered short selling banned (subject to limited authorised market-maker exemption)
3. ASIC will reassess and advise the market in 30 days, whether or not it will at that time, or at a later date, reopen covered short sales for non-financial stocks.

ASX will implement the changes by removing all stocks from the permitted list of naked short sales. (Read the article)

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Today, Telstra Australia acquired 55 % of 2 Chinese internet businesses with leading positions in the fast growing online auto industry and digital device advertising sectors. Telstra acquired the controlling stakes in the two businesses, Norstar Media and Autohome/PCPop, for an undisclosed amount. Both businesses are cash flow positive. Norstar, founded by Chairman Mr Lan Jiang, operates the popular auto site Che168.com and leading digital device site IT168.com. Autohome/PCPop, founded by successful young Chinese entrepreneur Mr Li Xiang, operates the leading auto site Autohome.com.cn and popular digital device site PCPop.com.

Telstra CEO Sol Trujillo said that the acquisition were consistent with Telstra strategy of creating a media comms footprint in Australia and also internationally. (Read the article)

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