samnrob2

Been quite a few threads in the last few weeks regarding cost of living, etc. But they are all very subjective. One thing I would like clarification on is income tax and (preferably in laymans terms) what the take-home pay is.

Without wishing to be 'nosey' it would be interesting to know what people could expect to take home if they were earning, say, $40,000, $50,000, $60,000 etc.

As I understand it, it's 33% of anything up to $52,000 and then a standard $12,000?

Real life examples of take home pay would be great. It can then be left to everyone else how much they pay for lettuce, etc!

Cheers me dears!

Rob

gajjitt

try http://moneymanager.smh.com.au/tools...incometax.html :scared:

Alex Hall

http://www.ato.gov.au/

On the left hand menu there are links for Tax etc...

From the above website:
Tax rates 2003-04



Taxable income

Tax on this income

$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

Tax rates 2004-05

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 notinclude the Medicare levy of 1.5%.

Tax on capital gains

Capital gains tax (CGT) is not a separate tax, but a component of income tax. This means that capital gains are taxed at the rate that applies as a result of the level of your other taxable income.

Calculators

A simple tax calculator is available to help you calculate the tax on your taxable income. The comprehensive tax calculator also takes into account Medicare levy, HECS/ SFSS repayments, tax offsets and tax credits to give you an estimate of the amount of your tax refund or debt.

Tax deducted from my pay

If you want to know how much your employer (or other payer) is required to withhold from payments to you, use the Tax withheld calculator or read How much tax should be taken from my pay?

I believe the tax rate thresholds for people in the higher earnings brackets are meant to be increasing quite quickly over the next couple of years (read it somewhere a couple of months ago) which will reduce the tax burden a bit.


etc etc

Alex

ABCDiamond

Based on Tax rates 2004-05

Single Income
$40,000.00 per year
$8,172.00 Tax
$600.00 Medicare 1.50%
$8,772.00 Total Deductions = 21.9% of gross
$31,228.00 Net Pay


Single Income
$50,000.00 per year (Approx. the National Average wage)
$11,172.00 Tax
$750.00 Medicare 1.50%
$11,922.00 Total Deductions = 23.8% of gross
$38,078.00 Net Pay


Single Income
$60,000.00 per year
$14,412.00 Tax
$1,500.00 Medicare 2.50% (this can be only 1.5% under some conditions)
$15,912.00 Total Deductions = 26.5% of gross
$44,088.00 Net Pay


Single Income
$80,000.00 per year
$23,312.00 Tax
$2,000.00 Medicare 2.50% (this can be only 1.5% under some conditions)
$25,312.00 Total Deductions = 31.6% of gross
$54,688.00 Net Pay

hevs

ok a simple one....

$50k gross. Take home about $3,100 ish

$70k gross. Take home around $4,100 ish