Tax Brackets

Viewing 6 posts - 1 through 6 (of 6 total)

geo
Member
@geo
Join Date: 2003
Post Count: 1,194
August 28, 2004 - 12:48 am
Hi there,
can someone please explain the tax brackets.
ie. If Im earning $60k plus, is the first $6k un-taxable, then the next $20k gets taxed at 17% etc.
Thanks
Kind Regards,
George.
I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
August 28, 2004 - 1:49 am
Hi Geo,
The first $6,000, nil tax then 17% marginal.
At $21,600, $2,652 tax then 30% marginal.
At $58,000, $13,572 tax then 42% marginal.
At $70,000, $18,612 tax then 47.0% marginal.
Derek
[email protected]
Property Investment Support Available. Ongoing and never stopping. PM welcome.
geo
Member
@geo
Join Date: 2003
Post Count: 1,194
August 28, 2004 - 2:20 am
Thanks Derek,
but im bit of a dummy when it comes to Tax, so can u pls clarify this ‘marginal’ issue.
So if someone is earning $40k, then the first 6k is tax-free, so there only being taxed on $34k – is this correct?
Thanks again
regards,
George.
I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
August 28, 2004 - 3:07 am
Hi Geo,
Calculated as follows:
First $21600 = $2652 Tax
Next $18400 @ 30% = $5520 Tax
Total $40000 = $8172 Tax payable exc Medicare levy.
The first $6K is reflected in the various thresholds.
Derek
[email protected]
Property Investment Support Available. Ongoing and never stopping. PM welcome.
redwing
Participant
@redwing
Join Date: 2003
Post Count: 2,733
August 28, 2004 - 8:17 am
Hi Geo..
And it’s great if you have enough deductions to take you into a lower bracket..
Our last lot of returns put straight into PPOR loan (non-deductible debt) and our loan operates as a LOC if needed. This will save us a ton on interest..
Geo..Going back to work Mon, ‘light duties’ contact you then.
REDWING
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Count The Currency With This Online Positive Cashflow Calculator
JD_2
Member
@jd_2
Join Date: 2004
Post Count: 16
August 29, 2004 - 10:35 pm
G’day George,
Here is the link to the exact tax you pay. It’s from the ATO’s website.
http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm
It states it nice and clearly in a table. I’m interested in your way to save and earn.
Regards,
JD.