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Persistent Taxation Myth (1) - In the Shadow of Leaves
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mcpye
mcpye
Persistent Taxation Myth (1)
I may have posted on this myth of "they're taking away half my income" once you move into the highest tax bracket before. Will see if I can find my calculation to show you need to be earning well up in the multiple $100,000s per annum to get close to that.
And of course the "average" (i.e. mean) income is a bit under $50,000pa, while the "average" that's closer to the one earned by most is several thousand lower than that, so there's a very tiny group to whom that applies.

The total of all the people -- not just those very high earners -- who are on the highest rate is only 12% (I think that's of the population, not just taxpayers.) meaning that 88% of Australian residents aren't -- nearly all of whom would be using government supplied infrastructure & services.

Tax rates 2001-02 and 2002-03
Taxable income Tax on this income
$0 - $6,000 ............ Nil
$6,001 - $20,000 ..... 17c for each $1 over $6,000
$20,001 - $50,000 .... $2,380  plus 30c for each $1 over $20,000
$50,001 - $60,000 .... $11,380 plus 42c for each $1 over $50,000
Over $60,000 .......... $15,580 plus 47c for each $1 over $60,000

Tax rates 2003-04
Taxable income Tax on this income
$0 – $6,000 ............ Nil
$6,001 – $21,600 ..... 17c for each $1 over $6,000
$21,601 - $52,000 .... $2,652 plus 30c for each $1 over $21,600
$52,001 – $62,500 .... $11,772 plus 42c for each $1 over $52,000
Over $62,500 .......... $16,182 plus 47c for each $1 over $62,500

Tax rates 2004-05 ???

None of these include assorted general rebates, nor the Medicare levy.
Information on these, & calculators are available on the Australian Taxation Office web site at www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm&mnu=5053&mfp=001

( www.ato.gov.au/ in general)
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