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Found 3 results

  1. New immigrant should be aware of the income tax in Australia. Tax rates 2014-15 The following rates for 2014-15 apply from 1 July 2014. Taxable income Tax on this income 0 – $18,200 Nil $18,201 – $37,000 19c for each $1 over $18,200 $37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 – $180,000 $17,547 plus 37c for each $1 over $80,000 $180,001 and over $54,547 plus 45c for each $1 over $180,000 The above rates do not include the Medicare levy of 2% Find out more Medicare levy End of find out more The above rates do not include the Temporary Budget Repair Levy. The Temporary Budget Repair Levy is payable at a rate of 2% for taxable incomes over $180,000. ATO Link: https://www.ato.gov.au/rates/individual-income-tax-rates/
  2. Hi folks! I wonder, how much money is being paid in taxes in OZ? According to my brief investigation (mostly from the internet), I've concentrated it in the list below.However it seems a bit strange to me and I'll explain why.. According to my knowledge (again - internet and people who I speak to in OZ), the standard of living is very high in OZ. And by saying that I mean the quality and availability of employment, poverty rate, hours of work required to purchase necessities, number of vacation days per year, affordable (or free) access to quality healthcare, quality and availability of education, cost of goods and services, economic and political stability and more... Considering the above, the taxes not seem to be very high comparing to the taxes in Scandinavian countries for example, which also offer a very high standard of living but the taxes there are much higher. Partly due to high social security payments (which as far as I understand does not even exist in OZ??). Could someone review the below list and correct me if I miss anything? If the below is correct, I'd be interested to find an explanation for this difference. So the first and the most significant - Personal Income Tax. Which is described pretty simple in the below table: [TABLE=width: 500] [TR] [TD]Taxable income[/TD] [TD]Tax on this income[/TD] [TD]Effective tax rate[/TD] [/TR] [TR] [TD]0-6K$[/TD] [TD]-[/TD] [TD]0%[/TD] [/TR] [TR] [TD]6K$-37K$[/TD] [TD]15c for each $1 over $6,000[/TD] [TD]0 – 12.6%[/TD] [/TR] [TR] [TD]37K$-80K$[/TD] [TD]$4,650 plus 30c for each $1 over $37,000[/TD] [TD]12.6 – 21.9%[/TD] [/TR] [TR] [TD]80K$-180K$[/TD] [TD]$17,550 plus 37c for each $1 over $80,000[/TD] [TD]21.9 – 30.3%[/TD] [/TR] [TR] [TD]180K$ and over[/TD] [TD]$54,550 plus 45c for each $1 over $180,000[/TD] [TD]30.3 – less than 45%[/TD] [/TR] [/TABLE] Capital gains tax - this one is obviously irrelevant for those who does not have any investments into capital assets. Goods and Services Taxes - Regular VAT (value added tax), which is 10% of most supplied goods and services. Property Taxes and Excise Taxes - those are the taxes for certain property (usually commercial and hence seems to irrelevant?) and taxes for goods like cigarettes, alcohol, fuel etc... Now that seems to be just it. So if we take, for example, a salary of 60K$ a year, the overall tax will be 4,650+0.3*(60,000-37,000)=11550$, which is just below 20%! Then if I add here the VAT, the overall tax will build up to ~30%, as far as I see it.. Which again - is not much.. Will be happy to get some replies here. Thanks! Eugene
  3. hardtochase

    How much pay will I take home?

    Hi, I'm new here and moving to Sydney on 7th June. I've put my salary into paycalculator.com.au and it's telling me that about 19% of my pay will be deducted. I am more than happy with this but I want to check whether this sounds accurate. I will be on a working holiday visa to begin with a view to my company sponsoring me after 6 months. I will be travelling on a one way ticket and know that I must have sufficient funds in my bank account, but it's not 100% clear how much this is since the exchange rate fluctuates. Is £5k enough and can I get away with less?? Thank you.