Forum Replies Created
[
]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 feelings?
Fudge111[8D][
][]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[
]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 too encourage people too continue making money.
If we had a flat rate of say 30% then imagine people earning 25000 a year, they would be so poor, and everyone who earns 100,000 would be so rich, we don’t need that in society.
Fudge111[
][][^]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,
ThanksFudge111[
]Murmer, there are many costs to do with owning a IP that are tax deductable
for eg
Loan interest
Rates
Insurance
Land Tax
Manag Feesthe 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 and fitting and hot water system etc, houses after 1985 can also be depreciated at certain rates,
hope this helps
Fudge111[
]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
Peterp, can u please elaborate further what you mean, i couldn’t quite grasp what you said?
[
][]Fudge111
True Josh, but alot of people will be already in the top tax bracket with their salary, and so the capital gains will be at the same rate, 47%, and anyway, if you hold your property for more than 1 year only half of the capital gain is taxed.
However i still would like to be in New Zealand, lol, no stamp duty, and no cap gains tax, those kiwi’s….., lol
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 people saying that this bracket starts too low ($62,500) i mean, come on, you never go above this limit, it is worth taxing people the top bracket at $62,500, because they “Should” have enough money to live a prosperus life (if they are smart) and of course you wouldn’t want to tax anyone over 50% of their salary or the motivation to make more would suffer.
Basically i am saying that i agree totally with the current tax brackets, and i think we should keep the top bracket at a low level (62,500) instead of lifting rates up in really high incomes 100k+. to over 50%
Sorry if I’ve confused people, tried my best
Fudge111[
][][]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 $87,500 of your salary is being taxed at 47% and the other 62,500 at the lower rates.
Fudge111[
]Yes mikeej, that is correct. Everyone is equal, everyone should just stop complaining
Fudge111[
]
]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!
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