Lol at handbag hit squad I never heard that before. Not saying it is fair to call people that just made me giggle
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26-02-2013 19:43 #131
26-02-2013 19:46 #132
Last edited by delirium; 26-02-2013 at 19:51.
26-02-2013 19:47 #133
FY 2011/12 - tax owed = $7850 which includes the $700 low income tax offset
FY 2012/13 - tax owed = $7096 which includes the $700 low income tax offset
The person is better off by $754 per year because of the increased tax free threshold.
It was only the first tax bracket over the tax free threshold that changed from 15% to 19% but even this change still meant less tax for someone on $50k.
As the calculator isn't up for this FY I used excel but I'm going to put my sums below for transparency
% tax due
Amount of income applicable
0-18200 0.0 $18,200 0 18201-37000 0.19 $18,799 3571.81 37001-80000 0.325 $12,999 4224.675Total
7796.485 - low income tax offset $700 7096.485
Last point, I earn under $18k
26-02-2013 19:48 #134
26-02-2013 19:49 #135
Oh, and wouldn't say that many people read The Australian. Thankfully! Shame about the herald sun and daily terrorgraph!
Last edited by BigRedV; 26-02-2013 at 19:53.
26-02-2013 19:54 #136
26-02-2013 19:55 #137Senior Member
- Join Date
- Jun 2009
The only diversity comes from News, which happens to hire journalists from both sides of the fence.
With the internet, there is plenty of diversity. What do you feel that you don't have access to?
26-02-2013 19:56 #138Senior Member
- Join Date
- Nov 2011
So when I made the comment about father having a wife/daughter, it was more to try and figure out what man wants their loved ones rights taken away from them.
The Following User Says Thank You to Anjalee For This Useful Post:
26-02-2013 19:57 #139Senior Member
- Join Date
- Jun 2009
26-02-2013 19:58 #140
ie. 32.5c/dollar over the last bracket between earning $37k and $80k this was previously 30c/dollar
The figures I have done are correct, as you do not calculate your tax in every bracket - you subtract your base rate for the last bracket, then multiply the left over dollars by the new rate.
So a person earning $80000 in the 2011/2012 year paid:
$4,650 plus 30c for each $1 over $37,000 = which equates to:$17550 tax /year
The same person earning $80000 in the 2012/2013 year will pay:
$3,572 plus 32.5c for each $1 over $37,000 = which equates to: $17547 tax /year
Bec - I should have clarified, even if you earn less than $18k /year, I'm sure when you combine to create household income, you'll find the difference is lessened. (Unless your partner also earns less than $18k/year)
Last edited by Mod-pegasus; 26-02-2013 at 20:00.
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