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Old Aug 29th 2009, 4:40 am   #61
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Default Re: 1.93's A$ to the Pound!!!

At a more natural(?) exchange rate of 2.4 then the Aus picture doesn't look so rosey but still probably better than most people expect.

Code:
Inc (£)	Inc ($)	UK Tax	UK %	AU Tax	AU %	Diff(£)	Diff($)
10,000	24,000	1,219	12.2%	1,860	7.8%	-444	-1,109
15,000	36,000	2,819	18.8%	5,100	14.2%	-694	-1,734
20,000	48,000	4,419	22.1%	8,400	17.5%	-919	-2,297
25,000	60,000	6,019	24.1%	12,900	21.5%	-644	-1,609
30,000	72,000	7,619	25.4%	16,680	23.2%	-669	-1,672
40,000	96,000	10,819	27.0%	25,840	26.9%	-52	-130
40,547	97,312	10,994	27.1%	26,384	27.1%	0	0
50,000	120,000	15,200	30.4%	37,000	30.8%	216	540
60,000	144,000	19,300	32.2%	47,200	32.8%	366	915
70,000	168,000	23,400	33.4%	57,400	34.2%	516	1,290
80,000	192,000	27,500	34.4%	68,200	35.5%	916	2,290
90,000	216,000	31,600	35.1%	79,600	36.9%	1,566	3,915
100,000	240,000	35,700	35.7%	91,000	37.9%	2,216	5,540
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Old Aug 29th 2009, 8:12 am   #62
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Default Re: 1.93's A$ to the Pound!!!

Some people have definitely been looking at this issue far more than I have. Feels like I back at university in a maths lecture.
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Old Aug 29th 2009, 8:23 am   #63
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Default Re: 1.93's A$ to the Pound!!!

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Originally Posted by MartinLuther View Post
You've been sucked in by the advertised rates.
That's right, most people forget about the UK's so called National "Insurance" which isn't insurance at all but just more tax.
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Old Aug 29th 2009, 8:34 am   #64
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Default Re: 1.93's A$ to the Pound!!!

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Originally Posted by mecheng View Post
Some people have definitely been looking at this issue far more than I have. Feels like I back at university in a maths lecture.
It's okay. I did the spread sheet years ago before I came. I just had to plug in the new figures (and one kludge as the UK 10% rate is only now effectively available to people who live off savings). Only took a couple of minutes.

It does show that a government can fool most of the people most of the time
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Old Aug 29th 2009, 8:58 am   #65
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Default Re: 1.93's A$ to the Pound!!!

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Originally Posted by MartinLuther View Post
I guess pensioners who derive their income from UK schemes are worse off in Aus than in the UK (maybe?). That does not change the reality that overall, Aus has a lower tax take than the UK which was the point I made. I did not at any point assert that all people would pay less tax here than there. I'm not sure what point you, Grayling and Amazulu are trying to make. Are you trying to tell me that because you as individuals have managed to get yourselves into a situation where you pay more tax here than there, then Aus, as a whole, takes more tax than the UK? If so then I'm not convinced.

btw: I'm here because I love living here not because I have a rose-tinted view of an idyllic country. I loved living in the UK too and didn't have a rose-tinted view of it being an idyllic country either.
I was not trying to make any point other than that I and people in a similar position pay more tax here than in the UK. Perhaps I should also have added that I am charged the Medicare levy here but did not have to pay NI contributions in the UK after retiring from my job.

As for 'managing to get' myself 'into a situation' where I pay more tax here, all I am guilty of is coming to live in Australia, a place I also love btw. I am a UK chartered accountant, retired maybe but I still have to comply with the cpd requirements. I have studied the Aus tax laws ad nauseam and if there was any way I could legally pay less tax then I would be doing it.
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Old Aug 29th 2009, 9:05 am   #66
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Default Re: 1.93's A$ to the Pound!!!

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I was not trying to make any point other than that I and people in a similar position pay more tax here than in the UK. Perhaps I should also have added that I am charged the Medicare levy here but did not have to pay NI contributions in the UK after retiring from my job.

As for 'managing to get' myself 'into a situation' where I pay more tax here, all I am guilty of is coming to live in Australia, a place I also love btw. I am a UK chartered accountant, retired maybe but I still have to comply with the cpd requirements. I have studied the Aus tax laws ad nauseam and if there was any way I could legally pay less tax then I would be doing it.
Fair enough.

The "btw" at the end just made it sound like a pissing competition.

It has made me wonder how Aus aged pensioners compare to UK pensioners. I get the impression that with the right investments you should be able to generate a tax free income here. (I know that doesn't apply to your situation as you're drawing a pension from the UK. I'm just curious as to what plans should be in place.)

Last edited by MartinLuther; Aug 29th 2009 at 9:07 am.
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Old Aug 29th 2009, 9:26 am   #67
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Default Re: 1.93's A$ to the Pound!!!

I'll tag this onto this thread as it's slightly relevant as I've been thinking of buying some UK shares because of the exchange rate.

On the Aus tax return there is a question that asks whether you have more than $50k of assets (or something like that) abroad. Now normally I tick no but I've been wondering what happens if you tick yes. Do you have a whole new set of questions and calculations to address?
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Old Aug 29th 2009, 9:29 am   #68
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Default Re: 1.93's A$ to the Pound!!!

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Originally Posted by MartinLuther View Post
I'll tag this onto this thread as it's slightly relevant as I've been thinking of buying some UK shares because of the exchange rate.

On the Aus tax return there is a question that asks whether you have more than $50k of assets (or something like that) abroad. Now normally I tick no but I've been wondering what happens if you tick yes. Do you have a whole new set of questions and calculations to address?
I tick this as I still own a house in the UK but it's never resulted in any further questions from the ATO.
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Old Aug 29th 2009, 9:32 am   #69
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Default Re: 1.93's A$ to the Pound!!!

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I tick this as I still own a house in the UK but it's never resulted in any further questions from the ATO.
Thanks muchly. I guess they're just being nosey.
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Old Aug 29th 2009, 11:50 am   #70
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Default Re: 1.93's A$ to the Pound!!!

One thing to note. The labour government that drove uk into this mess is about to be booted out in the uk for a generation maybe for ever. Whereas Australia have just elected them so maybe where uk is now oz may be in 10 years time - the deficits are already building ? Who knows maybe the Oz commodity pony is sustainable and china is the new usa. I remain sceptical.
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Old Aug 30th 2009, 3:59 am   #71
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Default Re: 1.93's A$ to the Pound!!!

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Yes it shows the true state the UK economy is in. Thanks Gordon, thanks Tony, its going to take years to repair the damage you've done. Maybe one day the people who voted for NuLabour will wake up and smell the coffee :curse:
God and wasn't so great under the Tories..


Do you people not remeber what a bunch of t*ats they were.
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Old Aug 30th 2009, 5:58 am   #72
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Default Re: 1.93's A$ to the Pound!!!

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God and wasn't so great under the Tories..


Do you people not remeber what a bunch of t*ats they were.
Afraid a lot of folk have short memories,but also expect a lot of others are not old enough to have any meaningful awareness of those times.
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Old Aug 30th 2009, 6:03 am   #73
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Default Re: 1.93's A$ to the Pound!!!

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Afraid a lot of folk have short memories,but also expect a lot of others are not old enough to have any meaningful awareness of those times.
Perhaps if Britain still had a Mining industry and associated industries, maybe they wouldn't have quite been in such a mess.


Now we all know why and who killed that off.
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Old Aug 30th 2009, 7:41 am   #74
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Default Re: 1.93's A$ to the Pound!!!

Has anyone said you should never talk politics.

Your right about labour, ruined this country.
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Old Aug 30th 2009, 10:36 am   #75
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Default Re: 1.93's A$ to the Pound!!!

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Originally Posted by MartinLuther View Post
Okay here we go. I've updated the sheet with the following info.

Aus rates (up to)
$6000 - 0%
$34000 - 15%
$80000 - 30%
$180000 - 40%
above $180k - 45%

LITO fall off $30k - $60k

Medicare Levy Surcharge $100k
Actually the 30% rate cuts in at $35,000. And up to $80,000 is 38% not 40%.
Looks like you may have used last years figures.

http://www.ato.gov.au/individuals/co...04&mfp=001/002
http://www.ato.gov.au/individuals/co...04&mfp=001/002
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