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Immigration Forum / Australia and NZ / July 2005Tax 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/scripts/ASP/SimpleTaxCalc/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! 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/content.asp?doc=/content/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 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? > I was looking at the same piece of information. > [quoted text clipped - 5 lines] > > 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  SignatureThis is not intended to be legal or professional advice in any jurisdiction > I was looking at the same piece of information. > [quoted text clipped - 5 lines] > > Did I calculate it right? Ok, so you are averaging the tax. Please add 1.5% to 28.% for medicare levy =30% and some nominal surcharge for high income earner. |
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