income tax
Jul 15th 2004, 9:54 pm
#1
Forum Regular
Thread Starter
Joined: Jun 2004
Posts: 98
income tax
hello,
i have just read chippy's post about the banks being behind the times and the other posts replying to it.can someone please tell me what EFTPOS stands for,also what does LOL stand for and finally at what income do you start paying 48.5% tax,if it is the same as in the uk and you only pay that after earning a certain amount, what is the basic rate of tax,thanks
i have just read chippy's post about the banks being behind the times and the other posts replying to it.can someone please tell me what EFTPOS stands for,also what does LOL stand for and finally at what income do you start paying 48.5% tax,if it is the same as in the uk and you only pay that after earning a certain amount, what is the basic rate of tax,thanks
Jul 15th 2004, 9:57 pm
#2
Forum Regular
Joined: Apr 2004
Location: London
Posts: 126
Hi there!
Haven't read the post yet but...........
EFTPOS - Electronic fund transfer at point of sale
LOL - laugh out loud
About the tax rates not sure - but sure someone else will post it.
T
Haven't read the post yet but...........
EFTPOS - Electronic fund transfer at point of sale
LOL - laugh out loud
About the tax rates not sure - but sure someone else will post it.
T
Jul 15th 2004, 9:58 pm
#3
BE Enthusiast
Joined: Aug 2003
Location: Brentwood, Essex but Adelaide bound
Posts: 397
Electronic Funds Transfer at Point of Sale
Simple reallly!?!
Simple reallly!?!
Jul 15th 2004, 9:58 pm
#4
BE Enthusiast
Joined: Aug 2003
Location: Brentwood, Essex but Adelaide bound
Posts: 397
Originally posted by Olive101
Electronic Funds Transfer at Point of Sale
Simple reallly!?!
Electronic Funds Transfer at Point of Sale
Simple reallly!?!
Doh!
Too slow.
Jul 15th 2004, 10:01 pm
#5
Forum Regular
Thread Starter
Joined: Jun 2004
Posts: 98
Originally posted by Olive101
Doh!
Too slow.
Doh!
Too slow.
Jul 15th 2004, 11:00 pm
#6
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Joined: Feb 2003
Location: Brisvegas
Posts: 3,506
Re: income tax
Originally posted by malpjc
and finally at what income do you start paying 48.5% tax,if it is the same as in the uk and you only pay that after earning a certain amount, what is the basic rate of tax,thanks
and finally at what income do you start paying 48.5% tax,if it is the same as in the uk and you only pay that after earning a certain amount, what is the basic rate of tax,thanks
EFTPOS is the electrocnic means of debiting your bank card or credit card. You stick your card in then tap in your pin for your savings (current) account card.
The picture below is typical, you stick your card in the bit on the left and then tap in your pin, the retailer uses the bit on the right.
Tax rates are here:
http://www.ato.gov.au/individuals/co...u=5053&mfp=001
You begin paying 47% income tax plus 1.5% Medicare levy over $70,000 annual
Jul 15th 2004, 11:04 pm
#7
da Bonehead
Joined: Jan 2004
Location: Lion in da jungle
Posts: 22,767
Re: income tax
Originally posted by malpjc
at what income do you start paying 48.5% tax,if it is the same as in the uk and you only pay that after earning a certain amount, what is the basic rate of tax,thanks
at what income do you start paying 48.5% tax,if it is the same as in the uk and you only pay that after earning a certain amount, what is the basic rate of tax,thanks
Have a browse at this site for tax....
http://www.ato.gov.au/individuals/co...1/002&st=&cy=1
Jul 16th 2004, 5:49 am
#8
Just Joined
Joined: Jul 2004
Location: melbourne
Posts: 14
Hi this should help you work out the taxes i earn $50k and i
pay 21% tax .If your paying 48% tax then i would suggest getting a good accountant as here in oz everything is tax deductable!!!
Taxable income
Tax on this income
$0 – $6,000
Nil
$6,001 – $21,600
17c for each $1 over $6,000
$21,601 - $58,000
$2,652 plus 30c for each $1 over $21,600
$58,001 – $70,000
$13,572 plus 42c for each $1 over $58,000
Over $70,000
$18,612 plus 47c for each $1 over $70,000
The above rates do not include the Medicare levy of 1.5%.
pay 21% tax .If your paying 48% tax then i would suggest getting a good accountant as here in oz everything is tax deductable!!!
Taxable income
Tax on this income
$0 – $6,000
Nil
$6,001 – $21,600
17c for each $1 over $6,000
$21,601 - $58,000
$2,652 plus 30c for each $1 over $21,600
$58,001 – $70,000
$13,572 plus 42c for each $1 over $58,000
Over $70,000
$18,612 plus 47c for each $1 over $70,000
The above rates do not include the Medicare levy of 1.5%.
Jul 16th 2004, 6:05 am
#9
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Joined: Feb 2003
Location: Brisvegas
Posts: 3,506
Originally posted by a costelo
Hi this should help you work out the taxes i earn $50k and i
pay 21% tax .
Hi this should help you work out the taxes i earn $50k and i
pay 21% tax .
How do you manage that, it's not one of the marginal tax rates?
You are right about tax deductions, I earn more than the 70k upper tax bracket but highest tax I pay is 30%.
Jul 16th 2004, 6:12 am
#10
Just Joined
Joined: Jul 2004
Location: melbourne
Posts: 14
when you incoperate the 0% up to 6k and then only 17% up
to 21k then over all it works out at around 21% before deductions
to 21k then over all it works out at around 21% before deductions
Jul 16th 2004, 6:32 am
#11
Karma Comedian
Joined: Feb 2003
Location: Brisvegas
Posts: 3,506
I just checked and I paid 9.4% of my gross salary as income tax last year, and I earn over $100k.
I did have some FBT to pay but I don't think it came to too much 9though it would have been a few thousand)
I did have some FBT to pay but I don't think it came to too much 9though it would have been a few thousand)
Jul 16th 2004, 6:46 am
#12
Just Joined
Joined: Jul 2004
Location: melbourne
Posts: 14
blimey keep that quiet or the ato will be after ya!!!!!1
