elllis

can anybody outline the basic tax info for me

what the basic rate ?
what is the rate of vat ?
any we should be aware of ?

thanks

Bix

Here's a start Ellis.
Personal tax bands:

$0 – $6,000 - Nil

$6,001 – $21,600 - 17c for each $1 over $6,000

$21,601 - $52,000 - $2,652 plus 30c for each $1 over $21,600

$52,001 – $62,500 - $11,772 plus 42c for each $1 over $52,000

Over $62,500 - $16,182 plus 47c for each $1 over $62,500

ABCDiamond

GST (OZ version of VAT) is 10%

bondipom

Plus 1.5% medicare levy on the income taxes.
Then in NSW (and probably other states) there are stamp duties on cars and buying homes.

ABCDiamond

And (NSW only) "selling" Investment Homes, from June 1st !! :scared:

bondipom

But first timers on places up to 500,000 attract no stamp duty.

ABC your example is a prime reason not to base investment decisions solely around tax reduction. Taxes can change as easily as governments.

ABCDiamond

Agreed, but mine was positively geared, but now the State Tax Office want 24% of the profit I make (2.25% of total sale price),
and then the Federal Tax Office want 48.5% of whats left !!

Plus they now want an annual % if I decide to keep it !!

NSW is great for first home buyers now, but not for Investors! I am definately selling and moving my money up to QLD property

Anyone want to buy a house with 2 totally separated living areas ? (2 houses on one block)
before June !!