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With quite a lot of talk recently around “bracket creep” (Stage 3 Tax cuts etc) I decided to have a wee look at Bracket creep over time. One particular page https://atotaxrates.info/individual-tax-rates-resident/historical-pre-2010-tax-rates/ was useful in providing some earlier years’ Tax Rates. As we do, I decided to record some of this for myself. I’d allowed 5 ranges in my spreadsheet, based on the 5 levels we have today (Level 1 is 0 to 18.2k, level 2 is 18.2k up to 45k, level 3 is 45k up to 120k, level 4 is 120k to 180k, and level 5 is 180k and above). Imagine my surprise when I happened upon the 1991/92 Fiscal Year. It had EIGHT levels, one of which encompassed just a $100 difference across its range !!! Say wha? No-one but a World’s greatest Treasurer could come up with something so mind-numbing !!! Look here:- https://atotaxrates.info/individual-tax-rates-resident/historical-pre-2010-tax-rates/#Tax_Rates_1990-1991Roofing Contractor Northern Va Note the Tax Rate (Level 4) from $20,601 to $20,700 at 29.5cents per $1. And then Level 6’s range was just $1000 – from $35k to $36k. Talk about an Accountants’ nightmare. My mind boggles at finding some kind of rational explanation for this effort. Does anyone out there have some clue as to WHY this may happened at that time? I wonder what the powers that be might have been smoking back then…. Benny
It’s intriguing to hear about your findings on the 1991/92 tax brackets with their notably intricate levels, Benny! Such detailed segmentation in tax brackets could reflect attempts to target specific economic conditions or fiscal policies at the time. This complexity, while aiming for precision in taxation, likely posed significant challenges for accountants and taxpayers alike. For deeper insights into the rationale behind these detailed tax structures, you might consider exploring economic history resources or further archival tax records. This could offer a clearer picture of the fiscal strategies employed during that period.
Hi everyone I came across a real estate agent who recommended I should be looking for a standalone house in Gladstone coastal city in Gladstone Region, Queensland instead of Perth as investment since it is more affordable and not overly heated atm t so I can ride the capital growth while house are still within $350K to $400K price and in 6 to 8 moths time prices go up by $40k to 50K. Does anyone have thoughts on Gladstone and the agent’s recommendation ? or if there are other areas that i should consider? I want to buy IP max by Jan 2024 ( for my preapproval) in an area where I can ride the capital growth trend so i can leverage from the equity and be able to buy another one after 6 months of settling the first one. I can’t deny that I am a bit nervous and i am trying to make my absolute best in buying a quality property in the right location when i enter the market , since it my first property purchase so it is going to be the foundation and the first block in my journey toward getting out of the rat race.
Considering Gladstone for your first property investment could be a wise choice, given its affordability and potential for capital growth compared to more saturated markets like Perth. Start by thoroughly researching Gladstone’s property market trends and economic factors that influence real estate values. It’s also crucial to get diverse insights; consult with several real estate experts to gather varied opinions and validate the information you have. If feasible, visit Gladstone to observe the neighborhoods, assess potential properties, and interact with locals for a ground-level view. Besides Gladstone, explore other emerging areas to ensure you have considered all potential opportunities. Lastly, fully understand the risks involved with your investment, especially as this purchase will lay the groundwork for your future real estate endeavors. With careful planning and informed decision-making, you can confidently make your first property investment.
