what is considered a good wage?
Aug 5th 2005, 6:13 pm
#46
BE Enthusiast
Joined: Aug 2004
Location: Raleigh, NC, USA (Region 2)
Posts: 607
Re: what is considered a good wage?
Here's some additional info on changes coming for the 2006/2007 tax year as well (from http://parlsec.treasurer.gov.au/cjp/.../2005/006.asp). For higher earning people this will definitely lower their tax rates!
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From 1 July this year [2005], the 17 per cent marginal tax rate will be cut to 15 per cent.
The 42 per cent tax threshold will increase from $58,000 to $63,000 on 1 July 2005 and to $70,000 on 1 July 2006.
From 1 July 2005, the 47 per cent threshold will increase from $70,000 to $95,000 and on 1 July 2006 increase again to $125,000.
These changes ensure that more than 80 per cent of taxpayers are subject to a top marginal income tax rate of 30 per cent or less over the forward estimates period. And from 1 July 2006, the top marginal rate will apply to only 3 per cent of taxpayers.
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Cheers,
Brian
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From 1 July this year [2005], the 17 per cent marginal tax rate will be cut to 15 per cent.
The 42 per cent tax threshold will increase from $58,000 to $63,000 on 1 July 2005 and to $70,000 on 1 July 2006.
From 1 July 2005, the 47 per cent threshold will increase from $70,000 to $95,000 and on 1 July 2006 increase again to $125,000.
These changes ensure that more than 80 per cent of taxpayers are subject to a top marginal income tax rate of 30 per cent or less over the forward estimates period. And from 1 July 2006, the top marginal rate will apply to only 3 per cent of taxpayers.
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Cheers,
Brian
Originally Posted by ABCDiamond
Here are some figures:
Australian $50,000 gross pays $11,922 in Tax & Med = 23.84%
UK on £26,000 gross pays £ 6,773 in Tax & NI = 26.1%
Australian $75,000 gross pays $22,087 in Tax & Med = 29.45%
UK on £39,000 gross pays £10,849 in Tax & NI = 27.8%
Australian $100,000 gross pays $34,212 in Tax & Med = 34.21%
UK on £52,000 gross pays £16,179 in Tax & NI = 31.1%
Australian $150,000 gross pays $58,462 in Tax & Med = 38.97%
UK on £78,000 gross pays £26,839 in Tax & NI = 34.4%
The figures are done as approximate multiples of each countries average wage, so that they are comparable salaries/tax etc at each group.
UK rates obtained from http://www.nigelbourke.co.uk/calcula...cometaxni.html
I don't know how much the UK earner gets on top of the basic salary as compulory super, but the Australian receives an extra 9% on top of the figures above.
Australian $50,000 gross pays $11,922 in Tax & Med = 23.84%
UK on £26,000 gross pays £ 6,773 in Tax & NI = 26.1%
Australian $75,000 gross pays $22,087 in Tax & Med = 29.45%
UK on £39,000 gross pays £10,849 in Tax & NI = 27.8%
Australian $100,000 gross pays $34,212 in Tax & Med = 34.21%
UK on £52,000 gross pays £16,179 in Tax & NI = 31.1%
Australian $150,000 gross pays $58,462 in Tax & Med = 38.97%
UK on £78,000 gross pays £26,839 in Tax & NI = 34.4%
The figures are done as approximate multiples of each countries average wage, so that they are comparable salaries/tax etc at each group.
UK rates obtained from http://www.nigelbourke.co.uk/calcula...cometaxni.html
I don't know how much the UK earner gets on top of the basic salary as compulory super, but the Australian receives an extra 9% on top of the figures above.
Aug 5th 2005, 9:52 pm
#47
Rocket Scientist
Joined: Aug 2003
Location: Dreamland AKA Brisbane which is a different country to the UK
Posts: 6,911
Re: what is considered a good wage?
Originally Posted by TopCat3
There is no guaranteed final amount and no choice in the shares in which the fund is invested. So if like me you have strong ethical concerns around tobacco companies, big pharma and chemical/G.E. companies like Monsanto, Glaxo, Phillip Morris and Brit-Amer Tobacco, tough, that's where my money is invested 
That's why time in the fund is so critical, to ride out the ups and downs of the investment markets.
That's why time in the fund is so critical, to ride out the ups and downs of the investment markets.
Aug 5th 2005, 10:43 pm
#48
Sydney- North Shore
Joined: May 2004
Location: Sydney
Posts: 387
Re: what is considered a good wage?
Originally Posted by lauralollipop
I thought that I was on a good wage till I read this............. 
We live very well here compared to the UK, and appear to have more money than our aussie mates.
I agree that $40-$50 is considered a good wage here as most people earn less than that (from what I have gathered from talking to collegues etc.....)
But we could easily manage on less as we would just change our spending to suit our lives......
laura
x
We live very well here compared to the UK, and appear to have more money than our aussie mates.
I agree that $40-$50 is considered a good wage here as most people earn less than that (from what I have gathered from talking to collegues etc.....)
But we could easily manage on less as we would just change our spending to suit our lives......
laura
x
Aug 5th 2005, 10:52 pm
#49
Banned
Joined: Mar 2003
Posts: 4,432
Re: what is considered a good wage?
Originally Posted by TopCat3
... if like me you have strong ethical concerns around tobacco companies, big pharma and chemical/G.E. companies like Monsanto, Glaxo, Phillip Morris and Brit-Amer Tobacco, tough, that's where my money is invested...
Aug 6th 2005, 9:00 pm
#50
BE Enthusiast
Joined: May 2005
Posts: 448
Re: what is considered a good wage?
Originally Posted by Megalania
There are "ethical funds" which may be available through your super. Alternatively, set up a Self Managed Super Fund and "ethical funds" will definitely e open to you as well as direct investment in "ethical companies".
Mrs D: Yes I did know you had some choice as to spread of investments within your super fund, however it's the fact you can't opt out of certain stocks that annoys me.
Megs: I am aware of ethical funds but they aren't to my knowledge availabe within the super funds I'm with. Self Managed Super isn't the way I want to go but I am a private investor also so I exercise my right of choice that way.
Also it's not so much that I want to "be ethical" - which doesn't always give the returns you need when you don't have that much time left to be in the market, though it does give a high return on emotional satisfaction!- it's more that there are just types of industries that I avoid/refuse to invest in and feel bad that my compulsory employer super probably invests in them, but we are not told who they are.
Thanks everyone for your interest/feedback.
