All Topics / Legal & Accounting / Tax Brackets

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of geogeo
    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

    Profile photo of DerekDerek
    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.

    Profile photo of geogeo
    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

    Profile photo of DerekDerek
    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.

    Profile photo of redwingredwing
    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

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of JD_2JD_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.

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

You must be logged in to reply to this topic. If you don't have an account, you can register here.