Well everyone!

What a successful topic, it has struck huge debates from alot of different areas, oh well, i think what Dino said was quite true, and i mean, income tax is the way it is in Australia, and if the government keeps getting these cash surpluses we will see the brackets upped again as they did this year,

but as for a flat rate for tax…[Read more]

Interesting!
Well Fudge111, as they say “It’s not how much you earn but how much you save!”

We are trying to close the gap between the rich and poor and make this country a more equal society. I agree that that’s how it should be and people are still rewarded for wise saving plans. (INTEREST). So save, save, save!!!

Broz00[]

[]Yep, i picked Guy as a winner when there was 8 people still in the contest, and that song will be at the top of the Australian charts for an eternity, good on him!

Fudge111[8D]

Hi everyone,

Terrific posts!

Well apparently i am a naive 20 year old that knows nothing about the real world. Oh well, we’ll just have to wait and see how it all pans out for Broz and I, lol.

Fudge111[][][^][8D][][]

Here Here, Aus is the best place to live in the world, stop being a bunch of sooks, people who are greedy are the ones who give the rich a bad name, that is why all the rich are automatically assumed to be snobs!

Fudge111[]

Well, i give in except to say that if people all struggle on 70k every person at the supermarket where i work must be bankrupt!!

And how can you explain Broz’s family, 5 kids and annual income 25,000, they manage it, so that is all i will say about that issue.

Fudge111[][]

Point taken Paul, i don’t want this to get personal,

Fudge111[]

hehehe, well i just plucked a number out of thin air, my aim is 23 IP’s then that’s enough, lol

Fudge111[]

If you can’t live off 70k on your own allbeit with a little child support to pay, then you are one of those people who choose to be poor, if i were on that salary i wouldn’t be complaining at all, broz’s dad is on a very low salary, like 25,000 with 5 kids! and they still manage, anyway, sorry if that got a little personal

no hard…[Read more]

Well, in my opinion the tax rates can stay the same % wise, as long as annual salaries inrease with inflation, the % rate of tax does not need to be touched at all.

Fudge111[]

Well, i spose you could max out at 30’s, but then there would be less for healthcare, roads, and everything else really.

We can’t take 47c in the dollar out of a poor person because they would not survive, but a high income earner you can.

I think the rich should just be happy they are well off and not be greedy

Fudge111

You make some great points domdom, but i am going to stick with my theory.

EVERYONE gets their first $6000 tax free
EVERYONE gets their next $15600 at 17%
EVERYONE gets their next $30,400 at 30%
EVERYONE gets their next $12,500 at 42%

and therafter they are taxed at 47%, i mean, everyone gets a fair go, and 47% is high but it is still low enough…[Read more]

So in other words all the benefits they receive are tax deductable, is this correct?

If so, then i still don’t understand the argument, they are getting benefits, it is like income, so what if you go into the higher bracket, they should be happy they are receiving benefits, that’s my view anyway.

Fudge111[][]

Prop, i’ll answer back in my topic so as to not intrude on your abbreviations topic,
Thanks

Fudge111[]

Murmer, there are many costs to do with owning a IP that are tax deductable

for eg

Loan interest
Rates
Insurance
Land Tax
Manag Fees

the rent you receive is obviously tax assessable, so in the end you add up your profit, and that is what is your tax assessed on the property

there are also non cash deductions such as depreciation of furniture…[Read more]

melbear,

could you please explain to me in simpler terms what peterp is saying in my post on tax rates, his post is the first on the 2nd page, i don’t get what he means???

sorry bout barging in on this post prop16[][]

Fudge111

PAYG = pay as you go

what does PAYE mean guys?

Fudge111

Peterp, can u please elaborate further what you mean, i couldn’t quite grasp what you said?

[][]

Fudge111

I agree with you totally Josh on people’s choices, someone on a base salary, say $25,000 could end up rich if they were smart, you make a good point about decisions.

I think you may have mis-interpreted what i said about the income rates, the rates should never climb over the current 47%, that should remain the same for sure, it is just all these…[Read more]

Very true Kay,

Everyone in the top tax bracket pays $16,182 + 47% of their wage that is over $62,500.

therefore if you made $63,500, you are only getting taxed $16,652 in tax, that is hardly 47%

however as you get higher and higher income it will climb closer to 47%, say $150,000, the tax would be something like 40% of your income due to…[Read more]