Oz Tax - not so bad?
Oct 22nd 2003, 9:07 am
#1
Guest
Posts: n/a
Oz Tax - not so bad?
Australia sixth-lightest taxed nation
October 22, 2003
AUSTRALIA is one of the lowest taxed countries in the developed world, according to figures released this evening.
Treasurer Peter Costello, releasing the latest revenue statistics from the Organisation for Economic Cooperation and Development (OECD), said the figures showed Australia was a low-taxing nation.
Australia ranked sixth in the developed world for the lowest total tax revenue as a proportion of gross domestic product (GDP).
For Australia, total tax revenue as a proportion of GDP was 30.1 per cent in 2001 - a fall of 1.4 percentage points from 2000.
Australia ranked behind Mexico (18.9 per cent), Korea (27.2 per cent), Japan (27.3 per cent), the United States (28.9 per cent), and Ireland (29.9 per cent).
The highest taxing nation was Sweden (51.4 per cent).
"Australia held its place as one of the lowest taxed OECD countries, despite declining tax burdens in many other OECD countries which experienced recession and slowdown," Mr Costello said in a statement.
"Tax burdens fell in 15 out of 30 OECD countries in 2001, and rose in nine - resulting in an overall fall of 0.2 percentage points in the average tax burden in OECD countries."
Australia's tax take has yet to fall to that recorded in the last year of the Keating Labor government, when it was 29.7 per cent of GDP.
Australia was 6.8 percentage points lower than the OECD average of 36.9 per cent.
New Zealand's tax as a proportion of GDP was 33.8 per cent.
There was a general fall across most countries, partly due to poorer economic conditions through 2001.
AAP
October 22, 2003
AUSTRALIA is one of the lowest taxed countries in the developed world, according to figures released this evening.
Treasurer Peter Costello, releasing the latest revenue statistics from the Organisation for Economic Cooperation and Development (OECD), said the figures showed Australia was a low-taxing nation.
Australia ranked sixth in the developed world for the lowest total tax revenue as a proportion of gross domestic product (GDP).
For Australia, total tax revenue as a proportion of GDP was 30.1 per cent in 2001 - a fall of 1.4 percentage points from 2000.
Australia ranked behind Mexico (18.9 per cent), Korea (27.2 per cent), Japan (27.3 per cent), the United States (28.9 per cent), and Ireland (29.9 per cent).
The highest taxing nation was Sweden (51.4 per cent).
"Australia held its place as one of the lowest taxed OECD countries, despite declining tax burdens in many other OECD countries which experienced recession and slowdown," Mr Costello said in a statement.
"Tax burdens fell in 15 out of 30 OECD countries in 2001, and rose in nine - resulting in an overall fall of 0.2 percentage points in the average tax burden in OECD countries."
Australia's tax take has yet to fall to that recorded in the last year of the Keating Labor government, when it was 29.7 per cent of GDP.
Australia was 6.8 percentage points lower than the OECD average of 36.9 per cent.
New Zealand's tax as a proportion of GDP was 33.8 per cent.
There was a general fall across most countries, partly due to poorer economic conditions through 2001.
AAP
Oct 22nd 2003, 9:14 am
#2
A Male Member
Joined: Apr 2003
Location: Townsville
Posts: 2,106
Re: Oz Tax - not so bad?
Originally posted by owieb
Australia sixth-lightest taxed nation
October 22, 2003
AUSTRALIA is one of the lowest taxed countries in the developed world, according to figures released this evening.
Treasurer Peter Costello, releasing the latest revenue statistics from the Organisation for Economic Cooperation and Development (OECD), said the figures showed Australia was a low-taxing nation.
Australia ranked sixth in the developed world for the lowest total tax revenue as a proportion of gross domestic product (GDP).
For Australia, total tax revenue as a proportion of GDP was 30.1 per cent in 2001 - a fall of 1.4 percentage points from 2000.
Australia ranked behind Mexico (18.9 per cent), Korea (27.2 per cent), Japan (27.3 per cent), the United States (28.9 per cent), and Ireland (29.9 per cent).
The highest taxing nation was Sweden (51.4 per cent).
"Australia held its place as one of the lowest taxed OECD countries, despite declining tax burdens in many other OECD countries which experienced recession and slowdown," Mr Costello said in a statement.
"Tax burdens fell in 15 out of 30 OECD countries in 2001, and rose in nine - resulting in an overall fall of 0.2 percentage points in the average tax burden in OECD countries."
Australia's tax take has yet to fall to that recorded in the last year of the Keating Labor government, when it was 29.7 per cent of GDP.
Australia was 6.8 percentage points lower than the OECD average of 36.9 per cent.
New Zealand's tax as a proportion of GDP was 33.8 per cent.
There was a general fall across most countries, partly due to poorer economic conditions through 2001.
AAP
Australia sixth-lightest taxed nation
October 22, 2003
AUSTRALIA is one of the lowest taxed countries in the developed world, according to figures released this evening.
Treasurer Peter Costello, releasing the latest revenue statistics from the Organisation for Economic Cooperation and Development (OECD), said the figures showed Australia was a low-taxing nation.
Australia ranked sixth in the developed world for the lowest total tax revenue as a proportion of gross domestic product (GDP).
For Australia, total tax revenue as a proportion of GDP was 30.1 per cent in 2001 - a fall of 1.4 percentage points from 2000.
Australia ranked behind Mexico (18.9 per cent), Korea (27.2 per cent), Japan (27.3 per cent), the United States (28.9 per cent), and Ireland (29.9 per cent).
The highest taxing nation was Sweden (51.4 per cent).
"Australia held its place as one of the lowest taxed OECD countries, despite declining tax burdens in many other OECD countries which experienced recession and slowdown," Mr Costello said in a statement.
"Tax burdens fell in 15 out of 30 OECD countries in 2001, and rose in nine - resulting in an overall fall of 0.2 percentage points in the average tax burden in OECD countries."
Australia's tax take has yet to fall to that recorded in the last year of the Keating Labor government, when it was 29.7 per cent of GDP.
Australia was 6.8 percentage points lower than the OECD average of 36.9 per cent.
New Zealand's tax as a proportion of GDP was 33.8 per cent.
There was a general fall across most countries, partly due to poorer economic conditions through 2001.
AAP
Could these figures have been swayed by the fact they are taken in proportion to GDP? Is'nt GDP swayed by the huge income generated by primary resources such as Australias mineral wealth?
Im not too financial, hopefully somone who is can confirm?
Oct 22nd 2003, 11:38 am
#3
Guest
Posts: n/a
Re: Oz Tax - not so bad?
Originally posted by owieb
Australia sixth-lightest taxed nation
October 22, 2003
AUSTRALIA is one of the lowest taxed countries in the developed world, according to figures released this evening.
Treasurer Peter Costello, releasing the latest revenue statistics from the Organisation for Economic Cooperation and Development (OECD), said the figures showed Australia was a low-taxing nation.
Australia ranked sixth in the developed world for the lowest total tax revenue as a proportion of gross domestic product (GDP).
For Australia, total tax revenue as a proportion of GDP was 30.1 per cent in 2001 - a fall of 1.4 percentage points from 2000.
Australia ranked behind Mexico (18.9 per cent), Korea (27.2 per cent), Japan (27.3 per cent), the United States (28.9 per cent), and Ireland (29.9 per cent).
The highest taxing nation was Sweden (51.4 per cent).
"Australia held its place as one of the lowest taxed OECD countries, despite declining tax burdens in many other OECD countries which experienced recession and slowdown," Mr Costello said in a statement.
"Tax burdens fell in 15 out of 30 OECD countries in 2001, and rose in nine - resulting in an overall fall of 0.2 percentage points in the average tax burden in OECD countries."
Australia's tax take has yet to fall to that recorded in the last year of the Keating Labor government, when it was 29.7 per cent of GDP.
Australia was 6.8 percentage points lower than the OECD average of 36.9 per cent.
New Zealand's tax as a proportion of GDP was 33.8 per cent.
There was a general fall across most countries, partly due to poorer economic conditions through 2001.
AAP
Australia sixth-lightest taxed nation
October 22, 2003
AUSTRALIA is one of the lowest taxed countries in the developed world, according to figures released this evening.
Treasurer Peter Costello, releasing the latest revenue statistics from the Organisation for Economic Cooperation and Development (OECD), said the figures showed Australia was a low-taxing nation.
Australia ranked sixth in the developed world for the lowest total tax revenue as a proportion of gross domestic product (GDP).
For Australia, total tax revenue as a proportion of GDP was 30.1 per cent in 2001 - a fall of 1.4 percentage points from 2000.
Australia ranked behind Mexico (18.9 per cent), Korea (27.2 per cent), Japan (27.3 per cent), the United States (28.9 per cent), and Ireland (29.9 per cent).
The highest taxing nation was Sweden (51.4 per cent).
"Australia held its place as one of the lowest taxed OECD countries, despite declining tax burdens in many other OECD countries which experienced recession and slowdown," Mr Costello said in a statement.
"Tax burdens fell in 15 out of 30 OECD countries in 2001, and rose in nine - resulting in an overall fall of 0.2 percentage points in the average tax burden in OECD countries."
Australia's tax take has yet to fall to that recorded in the last year of the Keating Labor government, when it was 29.7 per cent of GDP.
Australia was 6.8 percentage points lower than the OECD average of 36.9 per cent.
New Zealand's tax as a proportion of GDP was 33.8 per cent.
There was a general fall across most countries, partly due to poorer economic conditions through 2001.
AAP
I notice a lot of people quoting the higher marginal rate of tax on this forum and they then conclude that if it is a higher marginal rate than in the UK then you are taxed more heavily in Oz - wrong as it depends on the total tax burden as this survey measures. This is not to say that the taxman in Oz doesn't take a higher proportion of additional income for the wealthy than in the UK - clearly he/she does - it is the total take which is important.
Take off 48% of my 2 cents worth!!
TennisOz
Oct 22nd 2003, 11:45 am
#4
Senior member
Joined: Sep 2002
Location: Paris
Posts: 835
Bear in mind that this includes the tax collected from companies. Lots of companies in Australia are foreign owned and find crafty ways and means of avoiding Australian tax. I'd love to see comparable figures on the corporate/income tax mix.
Having lived in both countries I personally felt that the tax burden on the individual is similar. It can feel higher in Australia because of the low threshold for the top rate of income tax, and the high top rate. However, we pay more VAT, more NI and higher council taxes in the UK, so its swings and roundabouts.
Having lived in both countries I personally felt that the tax burden on the individual is similar. It can feel higher in Australia because of the low threshold for the top rate of income tax, and the high top rate. However, we pay more VAT, more NI and higher council taxes in the UK, so its swings and roundabouts.
