Yo Longy et al
As a matter of interest, I suggest that people utilise the following tables to calculate the comparative WEATH-fare BENEFITS to middle-high income Aussies over the past decade (and quarter century)...
I suggest that people calculate figures on, say:
* Diferent $25K increments up to $150K, then jump by $50K to $250K, then calculate $500K and $1M
* Or use the latest FY10 or FY11 thresholds for a more direct comparison
IM(not-so)HO, the results will surprise most and alarm some - not least because the Libs are carrying on so much about Federal debt and deficit, despite being the proud architects of the biggest budget black holes in Australian history...
Correct me if I'm wrong, but: compared to 2000 any person earning over about $125,000 is now benefitting from ANNUAL CASH TAX CUTS that exceed the ANNUAL SINGLE AGED PENSION - on top of having the means of utilising an effective-marginal tax rate of 15% due to the SUPERANNUATION TAX CONCESSIONS RORT!
The past decade has been really good for some, eh!?
http://www.ato.gov.au/individuals/ Quote:Residents
198586
Taxable income/Tax on this income
$0$4,594 = Nil
$4,595$12,499 = 25 cents for each $1 over $4,595
$12,500$19,499 = $1,976.26 + 30 cents for each $1 over $12,500
$19,500$27,999 = $4,076.25 + 46 cents for each $1 over $19,500
$28,000$34,999 = $7,986.25 + 48 cents for each $1 over $28,000
$35,000 and over = $11,346.25 + 60 cents for each $1 over $35,000
2000-01
Taxable income /Tax on this income
$1 - $6,000 = Nil
$6,001 - $20,000 = 17 cents for each $1 over $6,000
$20,001 - $50,000 = $2,380 + 30 cents for each $1 over $20,000
$50,001 - $60,000 = $11,380 + 42 cents for each $1 over $50,000
$60,001 and over = $15,580 + 47 cents for each $1 over $60,000
200910
Taxable income/Tax on this income
0 $6,000 = Nil
$6,001 $35,000 = 15c for each $1 over $6,000
$35,001 $80,000 = $4,350 plus 30c for each $1 over $35,000
$80,001 $180,000 = $17,850 plus 38c for each $1 over $80,000
$180,001 and over = $55,850 plus 45c for each $1 over $180,000
The following rates for 201011 apply from 1 July 2010.
201011
Taxable income/Tax on this income
0 $6,000 = Nil
$6,001 $37,000 = 15c for each $1 over $6,000
$37,001 $80,000 = $4,650 plus 30c for each $1 over $37,000
$80,001 $180,000 = $17,550 plus 37c for each $1 over $80,000
$180,001 and over = $54,550 plus 45c for each $1 over $180,000
The above rates do not include the Medicare levy...(read Medicare levy reduction or exemption for more information).
Tax offsets reduce the tax payable. Tax offsets based on taxable income levels apply to a range of circumstances. For more information read About tax offsets.