1.93's A$ to the Pound!!!
Aug 29th 2009, 4:40 am
#61
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Joined: Jun 2005
Posts: 9,316
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
Aug 29th 2009, 8:12 am
#62
can't lose the tie
Joined: Aug 2009
Posts: 233
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.
Aug 29th 2009, 8:23 am
#63
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Re: 1.93's A$ to the Pound!!!
Originally Posted by MartinLuther
You've been sucked in by the advertised rates.
Aug 29th 2009, 8:34 am
#64
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Re: 1.93's A$ to the Pound!!!
Originally Posted by mecheng
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 does show that a government can fool most of the people most of the time
Aug 29th 2009, 8:58 am
#65
Forum Regular
Joined: Oct 2006
Location: Victoria
Posts: 44
Re: 1.93's A$ to the Pound!!!
Originally Posted by MartinLuther
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.
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.
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.
Aug 29th 2009, 9:05 am
#66
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Re: 1.93's A$ to the Pound!!!
Originally Posted by hawkshaw
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.
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.
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.
Aug 29th 2009, 9:26 am
#67
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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?
On the Aus tax return there is a question that asks whether you have more than $50k of assets (or something like that) abroad. Now normally I tick no but I've been wondering what happens if you tick yes. Do you have a whole new set of questions and calculations to address?
Aug 29th 2009, 9:29 am
#68
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Joined: Oct 2006
Location: Victoria
Posts: 44
Re: 1.93's A$ to the Pound!!!
Originally Posted by MartinLuther
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?
On the Aus tax return there is a question that asks whether you have more than $50k of assets (or something like that) abroad. Now normally I tick no but I've been wondering what happens if you tick yes. Do you have a whole new set of questions and calculations to address?
Aug 29th 2009, 9:32 am
#69
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Posts: 9,316
Re: 1.93's A$ to the Pound!!!
Originally Posted by hawkshaw
I tick this as I still own a house in the UK but it's never resulted in any further questions from the ATO.
Aug 29th 2009, 11:50 am
#70
Dugongidae Member
Joined: Feb 2002
Location: Wimbledon, England
Posts: 441
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.
Aug 30th 2009, 3:59 am
#71
Forum Regular
Joined: Feb 2008
Location: Fremantle
Posts: 55
Re: 1.93's A$ to the Pound!!!
Originally Posted by BAY
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:
Do you people not remeber what a bunch of t*ats they were.
Aug 30th 2009, 5:58 am
#72
Lost in BE Cyberspace
Joined: Oct 2008
Location: Perth
Posts: 6,753
Re: 1.93's A$ to the Pound!!!
Originally Posted by leftfield
God and wasn't so great under the Tories..
Do you people not remeber what a bunch of t*ats they were.
Do you people not remeber what a bunch of t*ats they were.
Aug 30th 2009, 6:03 am
#73
Lost in BE Cyberspace
Joined: Feb 2005
Posts: 15,526
Re: 1.93's A$ to the Pound!!!
Originally Posted by the troubadour
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.
Now we all know why and who killed that off.
Aug 30th 2009, 7:41 am
#74
Peace Frog
Joined: Jul 2009
Location: South London orginally from Manchester
Posts: 175
Re: 1.93's A$ to the Pound!!!
Has anyone said you should never talk politics.
Your right about labour, ruined this country.
Your right about labour, ruined this country.
Aug 30th 2009, 10:36 am
#75
Devil's Advocate
Joined: Feb 2008
Location: Mandurah
Posts: 2,269
Re: 1.93's A$ to the Pound!!!
Originally Posted by MartinLuther
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
Aus rates (up to)
$6000 - 0%
$34000 - 15%
$80000 - 30%
$180000 - 40%
above $180k - 45%
LITO fall off $30k - $60k
Medicare Levy Surcharge $100k
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
