Okay - so I've seen a lot of discussion regarding taxes in the last couple of days here. I've seen some things people have brought up which seems ill informed, and other stuff which has got me wondering. So I thought I'd start a thread where people could discuss taxes and get a better picture. (eg. If people saw the things I was posting on earlier in the week, I started getting curious about other countries taxation systems and why they work there, but wouldn't (apparently) work here).
I'll start it off.
Do people here realise what our taxation system is in Australia?
For example - the carbon tax - unless you own a big business, no member of the public actually pays the carbon tax. Same goes for the Mining resources tax. Yet, I've seen posts where people have said, "I pay tax, like the carbon tax"
The main form of income via tax for the government is income tax.
This is the current rates:
Financial year 2012-13
Tax on this income
Effective tax rate
0 – $18,200
$18,201 – $37,000
19c for each $1 over $18,200
0 – 9.7%
$37,001 – $80,000
$3,572 plus 32.5c for each $1 over $37,000
9.7 – 21.9%
$80,001 – $180,000
$17,547 plus 37c for each $1 over $80,000
21.9 – 30.3%
$180,001 and over
$54,547 plus 45c for each $1 over $180,000
30.3 – 44.9%
Goods and Services tax which was introduced in 2000 - I do fully remember when this happened - and honestly - prices didn't go up (or they went up by 5 or 10c). The reason was the corresponding decrease in Sales tax, state banking taxes, federal wholesale taxes and fuel taxes.
Okay - I can't think of any other taxes at the moment, but I wondered how many people realise who is paying which taxes.