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  1. #21
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    Quote Originally Posted by NancyBlackett View Post
    I think generally when people say they pay 45% tax they are simply saying they are in that particular bracket.

    It's far less of a mouthful than saying 'I pay $54k + 45c on each $1 above $180k + the Medicare surcharge'.

    Same goes for all brackets really.
    When I have a gripe about the amount of tax dh pays I actually state the percentage he really does pay, it's far easier to work out what he has paid in tax and work the percentage out that way.

    I think it's confusing for FIFO workers because your employer will tax you per your pay period so if your paid say 12 days work in 1 fortnight and you are paid fortnightly your earnings will most likely be quite high which puts you in the higher tax bracket because once you earn so much per fortnight you then pay higher tax but the following fortnight you may have only worked and being paid for 7 days (if say you work a 3 and 1 roster) so you would be in the lower tax bracket paying alot less tax. This used to happen with dh's previous job and it took me a while to figure out and understand how it works. Regardless though it will get balanced out at the end of the financial year and you will be repaid any tax you have paid more than should have. I often don't think people understand that either though!

    I definately noticed prices increased after the gst was introduced also.
    Last edited by Blessedwith3boys; 07-02-2013 at 15:40.

  2. #22
    headoverfeet's Avatar
    headoverfeet is offline The truth will set you free, but first it will **** you off. -Gloria Steinem
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    We've used an accountant in the past but have never been impressed, only run of the mill ones though like H&R block? Might look into a 'proper' one this year!

  3. #23
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    Quote Originally Posted by headoverfeet View Post
    We've used an accountant in the past but have never been impressed, only run of the mill ones though like H&R block? Might look into a 'proper' one this year!
    I have never been impressed with them either. I would have a look at people who work for themselves or ask around for a word of mouth recommendation.

  4. #24
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    Default Taxes - what do we really understand about them?

    Definitely look into a good one. It's definitely worth the money (which you can claim back the following year).

  5. #25
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    Default Taxes - what do we really understand about them?

    Quote Originally Posted by Kimberleygal1 View Post
    When I have a gripe about the amount of tax dh pays I actually state the percentage he really does pay, it's far easier to work out what he has paid in tax and work the percentage out that way.
    For sure. I was just saying that in threads it is often easier to refer to the bracket you're in for taxation purposes than to state the actual formula.

    A PP suggested that might indicate people didn't really understand how they were being taxes.

  6. #26
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    headoverfeet is offline The truth will set you free, but first it will **** you off. -Gloria Steinem
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    We only have income tax though, no other assets yadda yadda it's just income and hubbies deductibles

  7. #27
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    Default Taxes - what do we really understand about them?

    I still think it's worth it. Especially if you have had issues with getting refunds and then bills.

    Usually the bills are from a previous tax year once they reconcile things like FTB and PHI etc.

  8. The Following User Says Thank You to NancyBlackett For This Useful Post:

    PomPoms  (07-02-2013)

  9. #28
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    Quote Originally Posted by headoverfeet View Post
    We only have income tax though, no other assets yadda yadda it's just income and hubbies deductibles
    Mine is also just income tax etc nothing else. I always get mine done by a tax agent. As it is simple it is not very expensive but they can also look into the previous year and see why some had to be repaid for you.

  10. #29
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    I get really interested in other countries systems. Forget what the tax is called, but Sweden, Denmark, isle of man, Norway etc have the flat rate tax everyone pays, then have a lot less in income tax.


 

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