Tax Brackets

was just perusing he new tax brackets and came across the 09/10 bracket from the ATO.

$0 – $6,000 Nil
$6,001 – $35,000 15% over $6,000
$35,001 – $80,000 $4,350 plus 30% over $35,000
$80,001 – $180,000 $17,850 plus 38% over $80,000
Over $180,000 $55,850 plus 45% over $180,000

compared to Singapore......:eek:

$0 – $20,000 Nil
$20,001 – $30,000 3.5c for each $1 over $20,000
$30,001 – $40,000 $350 plus 5.5c for each $1 over $30,000
$40,001 – $80,000 $900 plus 8.5c for each $1 over $40,000
$80,001 – $160,000 $4300 plus 14c for each $1 over $80,000
$160,001 – $320,000 $15,500 plus 17c for each $1 over $160,000
Over $320,000 $42,700 plus 20c for each $1 over $320,000

this just blew me away..... and some people reckon i'm a cheat and a thief for minimising my income tax.
 
yeah but you'd get much less benefit negative gearing and my friend said that his accountant said.............:p
 
was just perusing he new tax brackets and came across the 09/10 bracket from the ATO.



compared to Singapore......:eek:



this just blew me away..... and some people reckon i'm a cheat and a thief for minimising my income tax.

Tax as a % of GDP for Singapore (from memory) is in the mid to upper teens, OZ in the low thirties, OECD in the mid-thirties and Europe in the upper thirties.

Australia is at the lower end of the tax take for an industrialised country, which is pretty impressive when you consider the infrastrucutre implications of a country our size relative, for example, to Europe.
 
I don't think it's fair to compare the income tax rate here to a country that provides no safety net to their weakest members of their society (the usual sick, disabled, elderlies, and unemployed). Add to that their tiny land size that make it much cheaper to build the infrastructures.
 
I don't think it's fair to compare the income tax rate here to a country that provides no safety net to their weakest members of their society (the usual sick, disabled, elderlies, and unemployed). Add to that their tiny land size that make it much cheaper to build the infrastructures.

I wonder what would happen to our dole bludgers if Centerlink was removed?

Would they go and get work? Turn to crime? Stop breeding?

What happens to these sorts of people in places like Singapore I wonder?
 
I wonder what would happen to our dole bludgers if Centerlink was removed?

Would they go and get work? Turn to crime? Stop breeding?

What happens to these sorts of people in places like Singapore I wonder?

Most would go and get work (any kind of work!) and some would turn to crime no doubt.

In Singapore, the ratio that actually go and find themselve some honest work as opposed to crime is probably much higher than what we would have in Australia given their much harsher criminal punishment compared to our slap on the wrist lenient system.

That is all good and well, but the side effect is the people that genuinely need help also suffer with them. If you or your dependents suffer from some serious illness and you are poor there is very little (if any) help available. Also noticed the high number of old people (65+) working as cleaners or toilet attendants there?

This being investment forum I suppose many people will say it's everyone's responsibility to look after themselves and their family. Which I agree in most cases, but some compassions to our fellows is part of what make us human and I reckon the higher taxe rate we pay here is worth it.
 
Well, I have a brother on a disability pension after a horrific experience with cancer. I guess in a country with no safety net for those unfortunate enough to contract a serious illness he would be either begging beside the road or dead.

I know which I prefer.

And yes, before you send the post, of course we would support him if Centrelink didn't exist.
Marg
 
Well, I have a brother on a disability pension after a horrific experience with cancer. I guess in a country with no safety net for those unfortunate enough to contract a serious illness he would be either begging beside the road or dead.

I know which I prefer.
Me, too.

And I know you'd support him if there were no Centrelink, but I'm sure you're aware that not everybody a sister who is willing and/or able to support them.

I've seen what happens to those people in the USA, and it's not pretty. :(
 
I wonder what would happen to our dole bludgers if Centerlink was removed?

Would they go and get work? Turn to crime? Stop breeding?

What makes you think many of them don't work already, or have other avenues of income on top of their dole? For example my neighbour is very enterprising indeed! ;)
 
Like everyone else, I hate paying high taxes, but I'm an immigrant to Australia and I happily pay the tax I do as the price of living in the best country in the world....I'm eligible for citizenship in 22 days, I can't wait!!!

I've been all over the US and there's no way I'd want to live there. I grew up in Europe and I wouldn't go back there either.

Of course Singapore's tax regime is hugely attractive, but living in a condo with oppressive humidity all year around isn't so atractive to me.

Anyway, if you look at the typical tax take in Singapore, add on whatever it costs to operate a car there, add on whatever it costs to live in a nice house, then you're pretty much back to aussie rates of tax....in fact you're not, because there's simply nowhere in Singapore that you could rent a nice 4*2*2 for a normal price. Ditto Hong Kong.
 
it just amazing that 2 countries, side by side and both with good economies, have such AMAZINGLY different tax scales.

Singapore must make huge revenue out of their federal tax system then.
 
Singapore is a bit of a special case - the similarities are few and far between really...

For a better international comparison of how Australia stands on this issue this document may be of assistance.

There are a lot of shades of grey here - as usual sweeping generalisations that take into account all the mining revenue / social security / defence / business taxation / GST / property transaction / education / health / etc etc etc differences both State based and Federally are just not possible.

Probably better we stick to our own knitting rather than checking over the shoulder at small bits of that done by others - income tax just isn't that big a proportion of government revenue any more anyway.

All I know is where I like to live! :)
 
Tax rates

Hiya

Take it from an ex-Singaporean; tax rates is not everything.......there's one year there was a survey done and Singaporean kids rate as the most stressed in the world.....in terms of education.

Add to that,most Singaporeans live in apartments; an average house on land is on average a million dollars....(and i'm talking Aussie dollars).

When i left Singapore 10 years ago; a car costs an average of A$80,000 (an average Toyota Corolla.) and to top it all, that A$80,000 only entitle you to "use" that car for 10 years....

And you are right about the lack of safety net......

I can go on and on...

cheers
 
okay - i was just blown away by the difference but clearly there's a lot more at stake here.

still, the "no tax on foreign investments" is still mighty mighty tempting....
 
Blue Card,

What about comparing Australia with Canada ??

They are both big countries, both have low populations, both Commonwealth countries, both have plenty of resources, both have disenfranchised small native populations, both have huge welfare bills, both are now politically run by left wing bleeding hearts etc etc etc

Should be a reasonable comparison I would have thought.

Only differences really are the temperatures and the snap-frozen Yanks talk funny.....
 
What about comparing Australia with Canada ?
Canadian Federal tax rates for 2009 are:

  • 15% on the first $40,726 of taxable income, +
  • 22% on the next $40,726 of taxable income (on the portion of taxable income between $40,726 and $81,452), +
  • 26% on the next $44,812 of taxable income (on the portion of taxable income between $81,452 and $126,264), +
  • 29% of taxable income over $126,264

Canada Revenue Agency

.
 
Yeah but the Canadian has provincial income tax too on top of the federal income tax. What are their provincial rates like?
 
Try living there and paying Singaporean prices for property, cars and even beer then see how hard done by you feel. Not so rosy once you’re living with it day to day.
 
Like many have said its not appropiate to compare Australia and Singapore. There cost of living is alot higher. I know as I have travelled to Singapore many times including for a Job interview.

There are ways to exploit any tax system legitimatley and (many of you are probably already doing it here in Australia) and in Singapore paying lower taxes doesnt mean becoming wealthier. Its what you do with your dough that counts.

Also, Singapore has attracted many off shore banks to the country recently due to there high quality education and generous taxation corporate tax system as compared t countries such as the US and other Western Countries.

If you really want to look at tax rates, look at Hong kong's Lower than Singapore.

Also, fine for having a dirty car in Singapore is 75SGD nice
 
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