Australia

The top personal tax rate is lower than 40% and you only pay it on the
part of your income above a certain threshold, so no-one is paying
40%.

This is incorrect. Our top personal tax rate is 47% you pay that on anything
over approx $50K. I for one definitely pay more than 40% of my total income
in personal income tax. The same would go for any other professional unless
they are cooking the books.

On Mon, 20 Dec 2004 09:52:18 +1100, "smjmitchell"
wrote:

The top personal tax rate is lower than 40% and you only pay it on the
part of your income above a certain threshold, so no-one is paying
40%.

This is incorrect. Our top personal tax rate is 47% you pay that on anything
over approx $50K. I for one definitely pay more than 40% of my total income
in personal income tax. The same would go for any other professional unless
they are cooking the books.



That's what I thought. I talked to a lot of people who claimed they
paid much more than 50% of everything they earned when including GST.

Bill

On Tue, 28 Dec 2004 17:58:57 UTC, (Badwater
Bill) wrote:

On Mon, 20 Dec 2004 09:52:18 +1100, "smjmitchell"
wrote:

The top personal tax rate is lower than 40% and you only pay it on the
part of your income above a certain threshold, so no-one is paying
40%.

This is incorrect. Our top personal tax rate is 47% you pay that on anything
over approx $50K. I for one definitely pay more than 40% of my total income
in personal income tax. The same would go for any other professional unless
they are cooking the books.


My correction (in two different posts) doesn't seem to have showed up
- I was misremebering it and quoting the coproate rate which is now
30%.

However in the last tax year to have paid over 40% in income tax you
would have had to have had a taxable income of something like 180,000
and this tax year it would be 200,000. Most people on that sort of
income+ spend some of it on accountants etc to lower their tax bill.


That's what I thought. I talked to a lot of people who claimed they
paid much more than 50% of everything they earned when including GST.

It is certainly possible for the sample you would most likely
encountered - aviation is not a poorman's hobby in Australia.

Bill

Chris
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