Australia and NZ isn't all High taxes
Jun 12th 2003, 12:58 am
#1
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Australia and NZ isn't all High taxes
Yes individual taxes in Australia are higher than in the UK, but their are ways of paying a max of 23.5% in Australia and 0% in NZ.
The trick is Capital Gains Tax (CGT).
If you own an asset (property, shares, anything exclude your home as that is tax free anyway) and you hold this asset for more than 12 month and then sell and make a capital gain, in Australia you have to declare this gain to the taxman.
But they only tax you on half the capital gain.
For example if your gain is $100,000, the taxman adds $50,000 to your income for tax purposes for that year. If your normal income is more than $60,000 you are on the highest tax rate of 47% so your $50,000 will be taxed at 47%.
So your tax bill for just the capital gain would be a max of $23,500 and you get to keep $76,500 of the $100,000 capital gain for an effective tax rate of 23.5%.
If you live in NZ and you make the same capital gain of $100,000 you get to keep all of the $100,000 as their is no CGT in NZ.
So you see their are ways of making and keeping money down here. Just ignore the doomsayers and trust your instincts.
The trick is Capital Gains Tax (CGT).
If you own an asset (property, shares, anything exclude your home as that is tax free anyway) and you hold this asset for more than 12 month and then sell and make a capital gain, in Australia you have to declare this gain to the taxman.
But they only tax you on half the capital gain.
For example if your gain is $100,000, the taxman adds $50,000 to your income for tax purposes for that year. If your normal income is more than $60,000 you are on the highest tax rate of 47% so your $50,000 will be taxed at 47%.
So your tax bill for just the capital gain would be a max of $23,500 and you get to keep $76,500 of the $100,000 capital gain for an effective tax rate of 23.5%.
If you live in NZ and you make the same capital gain of $100,000 you get to keep all of the $100,000 as their is no CGT in NZ.
So you see their are ways of making and keeping money down here. Just ignore the doomsayers and trust your instincts.
Jun 12th 2003, 1:07 am
#2
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Re: Australia and NZ isn't all High taxes
Originally posted by Kiwipaul
Yes individual taxes in Australia are higher than in the UK, but their are ways of paying a max of 23.5% in Australia and 0% in NZ.
The trick is Capital Gains Tax (CGT).
If you own an asset (property, shares, anything exclude your home as that is tax free anyway) and you hold this asset for more than 12 month and then sell and make a capital gain, in Australia you have to declare this gain to the taxman.
But they only tax you on half the capital gain.
For example if your gain is $100,000, the taxman adds $50,000 to your income for tax purposes for that year. If your normal income is more than $60,000 you are on the highest tax rate of 47% so your $50,000 will be taxed at 47%.
So your tax bill for just the capital gain would be a max of $23,500 and you get to keep $76,500 of the $100,000 capital gain for an effective tax rate of 23.5%.
If you live in NZ and you make the same capital gain of $100,000 you get to keep all of the $100,000 as their is no CGT in NZ.
So you see their are ways of making and keeping money down here. Just ignore the doomsayers and trust your instincts.
Yes individual taxes in Australia are higher than in the UK, but their are ways of paying a max of 23.5% in Australia and 0% in NZ.
The trick is Capital Gains Tax (CGT).
If you own an asset (property, shares, anything exclude your home as that is tax free anyway) and you hold this asset for more than 12 month and then sell and make a capital gain, in Australia you have to declare this gain to the taxman.
But they only tax you on half the capital gain.
For example if your gain is $100,000, the taxman adds $50,000 to your income for tax purposes for that year. If your normal income is more than $60,000 you are on the highest tax rate of 47% so your $50,000 will be taxed at 47%.
So your tax bill for just the capital gain would be a max of $23,500 and you get to keep $76,500 of the $100,000 capital gain for an effective tax rate of 23.5%.
If you live in NZ and you make the same capital gain of $100,000 you get to keep all of the $100,000 as their is no CGT in NZ.
So you see their are ways of making and keeping money down here. Just ignore the doomsayers and trust your instincts.
You are a tax wiz now love to rip off the system but living day to day gets in the way and PAYE keeps my fingers off the cash.
Jun 12th 2003, 1:09 am
#3
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Re: Australia and NZ isn't all High taxes
Originally posted by pommie bastard
You are a tax wiz now love to rip off the system but living day to day gets in the way and PAYE keeps my fingers off the cash.
You are a tax wiz now love to rip off the system but living day to day gets in the way and PAYE keeps my fingers off the cash.
Jun 12th 2003, 1:13 am
#4
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Re: Australia and NZ isn't all High taxes
Originally posted by Florida_03
You get CASH???...Haven't seen any of that in the last 11 years...
You get CASH???...Haven't seen any of that in the last 11 years...
Jun 12th 2003, 1:21 am
#5
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Re: Australia and NZ isn't all High taxes
Originally posted by pommie bastard
Sorry my bank account only sees the what the goverments ( State/Federal) has not yet thought of a way taking off me.
Sorry my bank account only sees the what the goverments ( State/Federal) has not yet thought of a way taking off me.
I really think the best they've done so far is take an organisation solely owned by the Australian people...ALL Australians mind you...take it away from ALL Australians by privatising it...then make the same Australians buy shares in it!!! What a hoot...
Jun 12th 2003, 1:24 am
#6
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Re: Australia and NZ isn't all High taxes
[QUOTE]Originally posted by Florida_03
Give them time...levy this...excise that...got to admit they're good...
I really think the best they've done so far is take an organisation solely owned by the Australian people...ALL Australians mind you...take it away from ALL Australians by privatising it...then make the same Australians buy shares in it!!! What a hoot... [/QUOTE
Yet another bad idea taken from the UK , Australia a country that copies failure?
Give them time...levy this...excise that...got to admit they're good...
I really think the best they've done so far is take an organisation solely owned by the Australian people...ALL Australians mind you...take it away from ALL Australians by privatising it...then make the same Australians buy shares in it!!! What a hoot... [/QUOTE
Yet another bad idea taken from the UK , Australia a country that copies failure?
Jun 12th 2003, 1:27 am
#7
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Re: Australia and NZ isn't all High taxes
[QUOTE]Originally posted by pommie bastard
By the way...did I hear that some organisation that you may or may not be associated with is now...cash neutral???
Originally posted by Florida_03
Give them time...levy this...excise that...got to admit they're good...
I really think the best they've done so far is take an organisation solely owned by the Australian people...ALL Australians mind you...take it away from ALL Australians by privatising it...then make the same Australians buy shares in it!!! What a hoot... [/QUOTE
Yet another bad idea taken from the UK , Australia a country that copies failure?
Give them time...levy this...excise that...got to admit they're good...
I really think the best they've done so far is take an organisation solely owned by the Australian people...ALL Australians mind you...take it away from ALL Australians by privatising it...then make the same Australians buy shares in it!!! What a hoot... [/QUOTE
Yet another bad idea taken from the UK , Australia a country that copies failure?
Jun 12th 2003, 1:32 am
#8
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Re: Australia and NZ isn't all High taxes
Originally posted by Florida_03
By the way...did I hear that some organisation that you may or may not be associated with is now...cash neutral???
By the way...did I hear that some organisation that you may or may not be associated with is now...cash neutral???
They also charge my time out at $160 per hour which shows why I am flat out?
Jun 12th 2003, 1:45 am
#9
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Re: Australia and NZ isn't all High taxes
Originally posted by Kiwipaul
Yes individual taxes in Australia are higher than in the UK, but their are ways of paying a max of 23.5% in Australia and 0% in NZ.
So you see their are ways of making and keeping money down here. Just ignore the doomsayers and trust your instincts.
Yes individual taxes in Australia are higher than in the UK, but their are ways of paying a max of 23.5% in Australia and 0% in NZ.
So you see their are ways of making and keeping money down here. Just ignore the doomsayers and trust your instincts.
THE levy used to repay the Federal Government for outstanding entitlements to Ansett employees has been removed. I suggest we now place a levy on all politicians' entitlements to repay the thousands of Australian workers who have not and will not receive their "guaranteed super" .
After all, their super is guaranteed by all taxpayers. Wouldn't there be an uproar from the politicians if the Australian taxpayers decided not to "guarantee" their super and entitlements? I would hope their attitudes to the Australian workers would change, but sadly I live in the real world.
T. SYMMANS, Forrestfield.
Jun 12th 2003, 1:45 am
#10
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Re: Australia and NZ isn't all High taxes
Originally posted by pommie bastard
I can get sacked for making a comment on this , but if a company issues 23 million shares at below market price in order to fudge the figures would you trust it?
They also charge my time out at $160 per hour which shows why I am flat out?
I can get sacked for making a comment on this , but if a company issues 23 million shares at below market price in order to fudge the figures would you trust it?
They also charge my time out at $160 per hour which shows why I am flat out?
Jun 12th 2003, 1:49 am
#11
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Re: Australia and NZ isn't all High taxes
[QUOTE]Originally posted by Florida_03
Must be a Cook...cooking the books!!! [/QUOTE
Cook or Crook it is not my place in the food chain to have a view.
But as a share holder I am not over the moon.
Must be a Cook...cooking the books!!! [/QUOTE
Cook or Crook it is not my place in the food chain to have a view.
But as a share holder I am not over the moon.
Jun 12th 2003, 1:54 am
#12
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Re: Australia and NZ isn't all High taxes
[QUOTE]Originally posted by pommie bastard
It is a slippery slide on the ASX but the NYSE looks better...
Originally posted by Florida_03
Must be a Cook...cooking the books!!! [/QUOTE
Cook or Crook it is not my place in the food chain to have a view.
But as a share holder I am not over the moon.
Must be a Cook...cooking the books!!! [/QUOTE
Cook or Crook it is not my place in the food chain to have a view.
But as a share holder I am not over the moon.
Jun 12th 2003, 1:59 am
#13
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Re: Australia and NZ isn't all High taxes
Originally posted by Florida_03
It is a slippery slide on the ASX but the NYSE looks better...
It is a slippery slide on the ASX but the NYSE looks better...
Not for these clowns already been given a warning once by the NYSE and had to revalue the company but giving 1 share for 8 old ones in America.
Jun 12th 2003, 6:18 am
#14
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Re: Australia and NZ isn't all High taxes
Originally posted by Kiwipaul
of the $100,000 capital gain for an effective tax rate of 23.5%.
of the $100,000 capital gain for an effective tax rate of 23.5%.
If you are married (which a lot on this forum appear to be), a bit of tax planning means you can use both annual CGT allowances leaving a gain of £24200 Even if both are higher rate tax payers the tax would be £9680 ie effective rate of 24.2%
This does not take into account indexation allowance/taper relief or other capital losses that would reduce the taxable gains
Is the 50% relief the only one available in Oz? (Not yet so hot on Oz taxes) If so, then in this scenario only gains above £38.5k (approx) would be higher taxed in UK.
And how many people each year make such gains, esp recently with stock market performances?
Jun 12th 2003, 6:26 am
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Re: Australia and NZ isn't all High taxes
Originally posted by walaj
If you take that $100k convert it to £ (say at $2.5=£) = £40k
If you are married (which a lot on this forum appear to be), a bit of tax planning means you can use both annual CGT allowances leaving a gain of £24200 Even if both are higher rate tax payers the tax would be £9680 ie effective rate of 24.2%
This does not take into account indexation allowance/taper relief or other capital losses that would reduce the taxable gains
Is the 50% relief the only one available in Oz? (Not yet so hot on Oz taxes) If so, then in this scenario only gains above £38.5k (approx) would be higher taxed in UK.
And how many people each year make such gains, esp recently with stock market performances?
If you take that $100k convert it to £ (say at $2.5=£) = £40k
If you are married (which a lot on this forum appear to be), a bit of tax planning means you can use both annual CGT allowances leaving a gain of £24200 Even if both are higher rate tax payers the tax would be £9680 ie effective rate of 24.2%
This does not take into account indexation allowance/taper relief or other capital losses that would reduce the taxable gains
Is the 50% relief the only one available in Oz? (Not yet so hot on Oz taxes) If so, then in this scenario only gains above £38.5k (approx) would be higher taxed in UK.
And how many people each year make such gains, esp recently with stock market performances?
