Tax Questions
#1
Guest
Posts: n/a
Tax Questions
Because a number of posts state that Oz tax is high, I checked out the
website of Australian Taxation Office.
(http://calculators.ato.gov.au/script...xCalc/main.asp) To
my surprise, the tax rate is less than 33% even for people earning
100k/year. Am I missing something? Do people pay any provincial
income tax in Victoria? Thanks!
website of Australian Taxation Office.
(http://calculators.ato.gov.au/script...xCalc/main.asp) To
my surprise, the tax rate is less than 33% even for people earning
100k/year. Am I missing something? Do people pay any provincial
income tax in Victoria? Thanks!
#2
Guest
Posts: n/a
Re: Tax Questions
Could you please direct us to the exact website containing that statement
about 33% income tax rate for those earning AUD100,000 annually?
Because, if you look at the information provided by the Australian
Government's Taxation Department's website, you will find that those earning
that much are taxed 47% (see below).
From: http://www.ato.gov.au/individuals/co...tent/12333.htm
Tax rates 2005-06
Please note that these rates are not yet law.
Taxable income
Tax on this income
$0 - $6,000
Nil
$6,001 - $21,600
15c for each $1 over $6,000
$21,601 - $63,000
$2,340 plus 30c for each $1 over $21,600
$63,001 - $95,000
$14,760 plus 42c for each $1 over $63,000
Over $95,000
$28,200 plus 47c for each $1 over $95,000
about 33% income tax rate for those earning AUD100,000 annually?
Because, if you look at the information provided by the Australian
Government's Taxation Department's website, you will find that those earning
that much are taxed 47% (see below).
From: http://www.ato.gov.au/individuals/co...tent/12333.htm
Tax rates 2005-06
Please note that these rates are not yet law.
Taxable income
Tax on this income
$0 - $6,000
Nil
$6,001 - $21,600
15c for each $1 over $6,000
$21,601 - $63,000
$2,340 plus 30c for each $1 over $21,600
$63,001 - $95,000
$14,760 plus 42c for each $1 over $63,000
Over $95,000
$28,200 plus 47c for each $1 over $95,000
#3
Guest
Posts: n/a
Re: Tax Questions
I was looking at the same piece of information.
For a person earning 100k, the tax is "$28,200 plus 47c for each $1
over $95,000".
The tax is 28200 + 500*47% = 28435. The tax rate is
28435/100000=28.5%.
Did I calculate it right?
For a person earning 100k, the tax is "$28,200 plus 47c for each $1
over $95,000".
The tax is 28200 + 500*47% = 28435. The tax rate is
28435/100000=28.5%.
Did I calculate it right?
#4
Re: Tax Questions
Originally Posted by John
I was looking at the same piece of information.
For a person earning 100k, the tax is "$28,200 plus 47c for each $1
over $95,000".
The tax is 28200 + 500*47% = 28435. The tax rate is
28435/100000=28.5%.
Did I calculate it right?
For a person earning 100k, the tax is "$28,200 plus 47c for each $1
over $95,000".
The tax is 28200 + 500*47% = 28435. The tax rate is
28435/100000=28.5%.
Did I calculate it right?
Don't forget the Medicare levy (plus surcharge).
When comparing tax rates it's important to understand the distinction between the *average* and *marginal* tax rate.
Jeremy
#5
Forum Regular
Joined: Oct 2004
Location: Gold Coast
Posts: 75
Re: Tax Questions
Originally Posted by John
I was looking at the same piece of information.
For a person earning 100k, the tax is "$28,200 plus 47c for each $1
over $95,000".
The tax is 28200 + 500*47% = 28435. The tax rate is
28435/100000=28.5%.
Did I calculate it right?
For a person earning 100k, the tax is "$28,200 plus 47c for each $1
over $95,000".
The tax is 28200 + 500*47% = 28435. The tax rate is
28435/100000=28.5%.
Did I calculate it right?