Buying over a certain Acreage stops Penison???
Jan 24th 2006, 10:20 pm
#31
Forum Regular
Joined: Nov 2005
Location: Williamstown
Posts: 140
Re: Buying over a certain Acreage stops Penison???
Originally Posted by ABCDiamond
The UK only has one main government (not sure about Scotland /Wales?), we have 9 ? They cost money to run 
So much space to look after, not enough population (taxpayers) to pay for it all easily.
No easy answers.
So much space to look after, not enough population (taxpayers) to pay for it all easily.
No easy answers.
Jan 24th 2006, 10:26 pm
#32
Lost in BE Cyberspace
Joined: Nov 2003
Location: Scotland
Posts: 7,949
Re: Buying over a certain Acreage stops Penison???
Originally Posted by Vash the Stampede
Are they really so much higher?
I'm finally earning the same here in the UK that I did back home in Australia, but losing the same amount in tax and NI. The NI component is particularly annoying, since (a) it is so obscenely large, and (b) I will never benefit from it.
I have also noticed that VAT in the UK (17.5%) is a lot higher than GST in Australia (10%.) So I'm actually paying nearly twice as much sales tax here, than I did back home.
When comparing Australia with other countries, the ATO (Australian Taxation Office) employs the following criteria:
For the purposes of comparison, countries have been
chosen that import capital, are potential destinations for permanent Australian emigrants, have comparable welfare systems, and whose governments provide similar services.
Source.
That sounds pretty reasonable to me.
The Australian taxation system also has many more grades than the UK system:
This table also shows that the Australian personal income tax system, in comparison with these particular countries, is unique, in that it features a zero tax rate for the first $6 000 and has more steps in its scale.
Within the OECD only Luxembourg, Portugal, Switzerland and the United States have more steps in their personal income tax scales than Australia. It is difficult to assess the impact of these tax structures from such a table, but one can gain an appreciation of this impact by observing the average percentage of income paid as tax at various incomes levels.
Source.
For example:
Australia
0% tax up to $6000
16.5% tax up to $21 600
31.5% tax up to $63 000
43.5% tax up to $95 000
48.5% on $95 000+
Source.
Compared with:
UK
10% tax up to $4990
22% tax up to $77 381
40% on $77 381+
Source.
So we see that the lowest earners actually pay less tax in Australia than in the UK.
I'm finally earning the same here in the UK that I did back home in Australia, but losing the same amount in tax and NI. The NI component is particularly annoying, since (a) it is so obscenely large, and (b) I will never benefit from it.
I have also noticed that VAT in the UK (17.5%) is a lot higher than GST in Australia (10%.) So I'm actually paying nearly twice as much sales tax here, than I did back home.
When comparing Australia with other countries, the ATO (Australian Taxation Office) employs the following criteria:
For the purposes of comparison, countries have been
chosen that import capital, are potential destinations for permanent Australian emigrants, have comparable welfare systems, and whose governments provide similar services.
That sounds pretty reasonable to me.
The Australian taxation system also has many more grades than the UK system:
This table also shows that the Australian personal income tax system, in comparison with these particular countries, is unique, in that it features a zero tax rate for the first $6 000 and has more steps in its scale.
Within the OECD only Luxembourg, Portugal, Switzerland and the United States have more steps in their personal income tax scales than Australia. It is difficult to assess the impact of these tax structures from such a table, but one can gain an appreciation of this impact by observing the average percentage of income paid as tax at various incomes levels.
For example:
Australia
0% tax up to $6000
16.5% tax up to $21 600
31.5% tax up to $63 000
43.5% tax up to $95 000
48.5% on $95 000+
Compared with:
UK
10% tax up to $4990
22% tax up to $77 381
40% on $77 381+
So we see that the lowest earners actually pay less tax in Australia than in the UK.
VAT was intended to finance Britain's contributions to the EEC so it is good to know when I pay VAT on nearly everything that I am keeping farmers around Europe (particularly France) in a wealthier lifestyle.
I can also see my subsidies at work in Ireland which joined the EEC at the same time as Britain but has done so well out of its 'poor member' status that it has overtaken Britain in the GDP per capita stakes and has reversed its diaspora - net immigration rather than the centuries of net emigration for Ireland now.OzTennis
Jan 24th 2006, 10:57 pm
#33
Fighting my corner
Joined: Aug 2005
Location: Adelaide, South Australia
Posts: 11,948
Re: Buying over a certain Acreage stops Penison???
Originally Posted by OzTennis
And VAT has been around a lot longer, for over 30 years - it was introduced as a requirement for Britain's admission into the (then) EEC in 1973 and it has been increased a number of times to its current level of 17.5%. GST was only recently introduced and at 10% there is scope for future increases in the rate.
VAT was intended to finance Britain's contributions to the EEC so it is good to know when I pay VAT on nearly everything that I am keeping farmers around Europe (particularly France) in a wealthier lifestyle. I can also see my subsidies at work in Ireland which joined the EEC at the same time as Britain but has done so well out of its 'poor member' status that it has overtaken Britain in the GDP per capita stakes and has reversed its diaspora - net immigration rather than the centuries of net emigration for Ireland now.
OzTennis
VAT was intended to finance Britain's contributions to the EEC so it is good to know when I pay VAT on nearly everything that I am keeping farmers around Europe (particularly France) in a wealthier lifestyle.
I can also see my subsidies at work in Ireland which joined the EEC at the same time as Britain but has done so well out of its 'poor member' status that it has overtaken Britain in the GDP per capita stakes and has reversed its diaspora - net immigration rather than the centuries of net emigration for Ireland now.OzTennis
Jan 25th 2006, 12:11 pm
#34
Guest
Posts: n/a
Re: Buying over a certain Acreage stops Penison???
Originally Posted by OzTennis
GST was only recently introduced and at 10% there is scope for future increases in the rate.
The old WST rates varied from 11% up to 33%, and all this was dropped down to the current 10%.
To change the rate, either up or down, needs the agreement of all State Governments and the Federal Government, something that rarely happens
Jan 25th 2006, 6:34 pm
#35
Fighting my corner
Joined: Aug 2005
Location: Adelaide, South Australia
Posts: 11,948
Re: Buying over a certain Acreage stops Penison???
Originally Posted by ABCDiamond
GST was introduced here to replace the older Wholesale Sales Tax system, where the tax was charged before it reached the customer, of whom many were not even aware of the old tax at the time.
The old WST rates varied from 11% up to 33%, and all this was dropped down to the current 10%.
The old WST rates varied from 11% up to 33%, and all this was dropped down to the current 10%.
So I was in favour of the GST myself.
To change the rate, either up or down, needs the agreement of all State Governments and the Federal Government, something that rarely happens
Jan 25th 2006, 7:37 pm
#36
Thread Starter
Joined: Oct 2005
Posts: 9,066
Re: Buying over a certain Acreage stops Penison???
Buying a few acres def starts some debate..LOL.. and reading between the lines I might as well still buy it as I'm stitched which ever way I go... .
At least I can sell the acres later and may make more than the pension that way.
.At least I can sell the acres later and may make more than the pension that way.
Jan 25th 2006, 7:49 pm
#37
BE Forum Addict
Joined: Jul 2005
Posts: 1,808
Re: Buying over a certain Acreage stops Penison???
Originally Posted by annqldau
Hi,
I could be being totally wound up here but I have been told that buying over a certain Acreage stops your Aus state penison???
Does anyone know if this is true?
Just before I buy 43 acres etc. to find i'm then a skint pensioner... .
I could be being totally wound up here but I have been told that buying over a certain Acreage stops your Aus state penison???
Does anyone know if this is true?
Just before I buy 43 acres etc. to find i'm then a skint pensioner...
.This stops the taxpayer supporting those that are financially capable of looking after themselves.
The downside is those pensioners who originally bought the land a long time ago when it was way out in the sticks and cheap. Urban growth has pushed up the value of the land, forcing these pensioners to sell up.
If you were to buy 43 acres of bushland a 200kms from any major centre will probably not attract a lot of attention. Really close to an urban centre with beach frontage would be a different case.....
WW
Jan 25th 2006, 8:09 pm
#38
Fighting my corner
Joined: Aug 2005
Location: Adelaide, South Australia
Posts: 11,948
Re: Buying over a certain Acreage stops Penison???
Originally Posted by annqldau
Buying a few acres def starts some debate..LOL.. and reading between the lines I might as well still buy it as I'm stitched which ever way I go... .
At least I can sell the acres later and may make more than the pension that way.
.At least I can sell the acres later and may make more than the pension that way.
And if you've got the money to buy whole acreage, surely you're not intending to rely on the Australian pension in your old age anyway?
I'd certainly hope not.
