How much tax do you pay?

[nylexbandit]

Given the current debates regarding tax rates and other levies, im interested in how much tax you (and your partner if relevant) pay per year.

In particular, how much tax (including medicare levy) you pay net of government assistance such as baby bonus, FTB A/B, etc.

I'll get it rolling. My fiancé and I will be paying tax of $60k this year. We dont get any of this so called middle class welfare.

 

[de_LICA_ish18]

Mine is around $22k per year income tax. I have private health insurance so don't get taxed extra for that.

Don't get any of the free money everyone else seems to get. Maybe they should cut back on that free money if they can't afford it.

 

[Hot Pocket]

Given the current debates regarding tax rates and other levies, im interested in how much tax you (and your partner if relevant) pay per year.

In particular, how much tax (including medicare levy) you pay net of government assistance such as baby bonus, FTB A/B, etc.

I'll get it rolling. My fiancé and I will be paying tax of $60k this year. We dont get any of this so called middle class welfare.

No kids? You should have kids.

 

[nylexbandit]

No kids? You should have kids.

Kids will come but we'll be out of benefits range (except uncle tones ppl) by then. If we did get something it would be ridiculous

 

[Hot Pocket]

You really should look at salary sacrifing too or at least some voluntary conts to superannuation. 60k is an obscene amount of income tax.

 

[WCErevival]

Not sure you could be classed middle class if you are paying 60k.

 

[Hot Pocket]

Not sure you could be classed middle class if you are paying 60k.

That's upper middle class imo.

 

[nylexbandit]

That's upper middle class imo.

Note that was combined with my fiancé - roughly $30k each.

I think we'd fit into middle class at this point (and no inherited wealth to come) but not sure why this was brought up?

 

[Hot Pocket]

Note that was combined with my fiancé - roughly $30k each.

I think we'd fit into middle class at this point (and no inherited wealth to come) but not sure why this was brought up?

I think he was referring to your comment about not recieving any middle class welfare.

Your class would depend on assets held more than salary anyway imo. If you aren't going to inherit anything, and you don't already own substantial assets - the odds of increasing your social mobility (i.e. moving up a class) are very low in a world where inequality is growing and capital reigns.

I hope you're investing a lot of your salary if that's a goal for you. Probably won't have that chance when you have kids!

Anyway my tax has fluctuated a lot the past few years. Last year I paid almost 45k (including 8k in HECS which I forgot about...) and this year I'll pay about 15k. On average over the past 5 years I've probably paid around 25k.

 

[sammm]

I pay around 15k in tax. I salary sacrifice a bit as I have novated lease on my car, and the super i put in is also before tax.

Sent from my GT-I9100T using Tapatalk

 

[GeeUUess]

$30K tax each puts your income as about $113000 each. That's almost double the median wage. That's not middle class.

 

[Papa G]

Assuming your both on around $113,000 you could salary sacrifice $19,000 each per year from July and save yourselves roughly $9,000 between you.

 

[Milang_Panthers]

Too much.

 

[checkraiseulite]

earning $100k does not make you upper class. not even close.

 

[J_Moore]

earning $100k does not make you upper class. not even close.

113k puts you substantially above the median wage. Close to double. It's just that people's spending usually rises in line with their incomes, so people don't feel like they've got a lot of extra cash, which is when you "feel" rich.

It's not a lot of money if you're 45 and your partner is working part time and you've got 3 kids.
If you're in a relationship, working full time, on a combined income of over 200k, and have no kids, you don't face any financial pressures whatsoever, and should be investing a fair bit of that money to help you down the line.

You certainly shouldn't be receiving any support from the state.

 

[Sydney Bloods]

Given the current debates regarding tax rates and other levies, im interested in how much tax you (and your partner if relevant) pay per year.

In particular, how much tax (including medicare levy) you pay net of government assistance such as baby bonus, FTB A/B, etc.

I'll get it rolling. My fiancé and I will be paying tax of $60k this year. We dont get any of this so called middle class welfare.

Single male that means I get nothing.

Haven't worked it all out yet but as I changed jobs and took a large pay cut.
if it was a full year at my new pay $11k+ and their percentage from my investment's and savings

As it stands I'm expecting about $8K back in returns this year, minus once again their blood money.

 

[checkraiseulite]

113k puts you substantially above the median wage. Close to double. It's just that people's spending usually rises in line with their incomes, so people don't feel like they've got a lot of extra cash, which is when you "feel" rich.

It's not a lot of money if you're 45 and your partner is working part time and you've got 3 kids.
If you're in a relationship, working full time, on a combined income of over 200k, and have no kids, you don't face any financial pressures whatsoever, and should be investing a fair bit of that money to help you down the line.

You certainly shouldn't be receiving any support from the state.

that still doesn't make you upper class, even though i agree with your last sentence.

i don't think class differentiation on income would be even close to linear.

class is much more likely to be determined on capital rather than income, especially salaried income in the low six figs.

http://www.theage.com.au/comment/budget-pain-not-for-millionaires-who-pay-no-tax-20140512-zr9o3.html

 

[Sydney Bloods]

that still doesn't make you upper class, even though i agree with your last sentence.

i don't think class differentiation on income would be even close to linear.

class is much more likely to be determined on capital rather than income, especially salaried income in the low six figs.

http://www.theage.com.au/comment/budget-pain-not-for-millionaires-who-pay-no-tax-20140512-zr9o3.html

That would be a bloody hard sell to anyone who is earning the average wage, (hell the average wage is massively skewed anyway) if your earning 100K as an individual your upper class, wether you have managed your money to maintain your capitol or not.

It's taken massive readjustments for me to go from 90k to 60k per year, everything's a different the class divide financially is huge.

If not for my investment's I put in when I was earning that money, I would never have been able to leave a high paying job I loathed for a just above average job I love.

I still remember when I was poor which wasn't all that along ago 04 I was earning about $1100 a fortnight. After tax, rent, food, fuel, electricity I had nothing. Hell just rent was a kick in the balls.

To suggest 100K as a SINGLE income isn't upper class is ridiculous.

 

[checkraiseulite]

That would be a bloody hard sell to anyone who is earning the average wage, (hell the average wage is massively skewed anyway) if your earning 100K as an individual your upper class, wether you have managed your money to maintain your capitol or not.

It's taken massive readjustments for me to go from 90k to 60k per year, everything's a different the class divide financially is huge.

If not for my investment's I put in when I was earning that money, I would never have been able to leave a high paying job I loathed for a just above average job I love.

I still remember when I was poor which wasn't all that along ago 04 I was earning about $1100 a fortnight. After tax, rent, food, fuel, electricity I had nothing. Hell just rent was a kick in the balls.

To suggest 100K as a SINGLE income isn't upper class is ridiculous.

I can't agree, but i guess that depends on your definition of 'upper class'.

To me, that's someone with a nice house, nice car, kids at aps schools, takes holidays etc.

You can't do that on $113k.

 

[Sydney Bloods]

I can't agree, but i guess that depends on your definition of 'upper class'.

To me, that's someone with a nice house, nice car, kids at aps schools, takes holidays etc.

You can't do that on $113k.

If you can't do that on 113K you need to speak to a financial advisor.

Granted you won't get into the top private schools if you have multiple kids but you could send them to one of the religious based private schools that have lower fees, as for house and car you most certainly could.

You would go into debt for the house and really nice car but you could manage it. There's a difference between upper class and rich.

As for holidays, I don't see why you couldn't most holidays are under 10k, if you can't manage it as I said speak to a financial advisor. You will be amazed, how much money you can free up.

 

[checkraiseulite]

There's also a difference between middle class, upper middle class and upper class; and you're missing it.

 

[Power Raid]

The worst personal tax bill I received was $1.1m.

Fortunately or unfortunately, I had a windfall and was prepared for that much tax. I am now semi retired and better structures these days.

 

[Zahasouvlakis]

The worst personal tax bill I received was $1.1m.

Fortunately or unfortunately, I had a windfall and was prepared for that much tax. I am now semi retired and better structures these days.

that must have sucked...

 

[Scotland]

Upper class? Since when did we have a class system!

$113k isn't that much any more, but it's only part of the equation. This country is dominated by real estate. Starting out with $80k or $100k or whatever is nothing compared to having hundreds of thousands (or more) behind you in real estate equity.

$113k vs $60k is about $600 a week in the hand. That's nothing to be sneezed at but is far from the gap between Struggle St and hanging out at the polo club with Hamish McLachlan.

 

[Power Raid]

that must have sucked...

It sucked majorly. I don't mind paying fair tax and paying as much as I did was my own fault for not being prepared.

The hardest bit was, I was investing heavily into my own business which meant between tax and the investment I had a negative cash flow. So I found myself as the "big shot merchant banker" driving the same car i had at uni (a suzuki)!

oh well.