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My Auntie is a CEO of a company and it ALMOST isn't worth her getting her next pay rise because she will cop 90% in tax. Still worth it obviously. But crazy how much she gets taxed

 

I assume you mean that she will fall into a new tax bracket, and 90% of the extra money she would receive would be lost in the small percentage of tax increase, once applied across her entire pay. She sure as hell isn't paying 90% tax on her overall income. With deductions, she very likely pays a smaller percentage of tax than me, but her income is greater and thereby so is her tax.

Edited by pmod

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I thought defence force employees got paid tax free? Or is that only when u guys get sent away on placement?

 

Only on deployment. We get taxed at the same rate as everybody else for our normal wage. I wish I got paid tax free, would have a shitload more money if the wage stayed the same.

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5 days including the weekend? hoping my comes through soon. im getting a decent return but i did pay over 30k in tax last year sad.png

hard to feel sorry for ya if you paid 30 you earnt a shit tone more then me lol

 

i had so spend 6months working in the outback in 40+ degree heat though for 2 weeks straight at a time so you should feel a little sorry haha

 

That's a dream job, I spend 4 weeks away in the north west (pilbara) and it gets 50+ there. Wish I had a 2weeks on roster.

 

4 weeks on is such a long roster, would kill to get a very long break. I do a 8/6 roster, for me I find that it is probably the best work/life roster available out there. Temps don't get above 50 where I work, west QLD. But it does get very hot in summer.

Edited by res15t

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5 days including the weekend? hoping my comes through soon. im getting a decent return but i did pay over 30k in tax last year sad.png

hard to feel sorry for ya if you paid 30 you earnt a shit tone more then me lol

 

i had so spend 6months working in the outback in 40+ degree heat though for 2 weeks straight at a time so you should feel a little sorry haha

 

That's a dream job, I spend 4 weeks away in the north west (pilbara) and it gets 50+ there. Wish I had a 2weeks on roster.

 

4 weeks on is such a long roster, would kill to get a very long break. I do a 8/6 roster, for me I find that it is probably the best work/life roster available out there. Temps don't get above 50 where I work, west QLD. But it does get very hot in summer.

 

I used to be on an open roster. Did 6 weeks at times with a week off if I was lucky in whatever the weather was below 0 or 50+

 

Thankfully now on 2 and 2

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Like I said before, when someone gets paid 3 billion dollars as a BONUS, there's not much point squabbling over a few hundred grand a year.

 

This relates to Australian taxpayers how?

 

You also can't hate the 'rich' for being rich, because that automatically means you don't aspire to becoming rich yourself. No point complaining if that's the case smile.png

 

Looks like we have a scholar among us, Harvard psychology?

People who hate the rich don't aspire to be rich themselves... da faq

 

 

That's a dream job, I spend 4 weeks away in the north west (pilbara) and it gets 50+ there. Wish I had a 2weeks on roster.

 

get off your ass and go get it.

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My Auntie is a CEO of a company and it ALMOST isn't worth her getting her next pay rise because she will cop 90% in tax. Still worth it obviously. But crazy how much she gets taxed

 

I assume you mean that she will fall into a new tax bracket, and 90% of the extra money she would receive would be lost in the small percentage of tax increase, once applied across her entire pay. She sure as hell isn't paying 90% tax on her overall income. With deductions, she very likely pays a smaller percentage of tax than me, but her income is greater and thereby so is her tax.

Was a figure of speech.... But I'm pretty sure for every extra $1 she earns next he gets taxed 87c or something .

 

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Like I said before, when someone gets paid 3 billion dollars as a BONUS, there's not much point squabbling over a few hundred grand a year.

This relates to Australian taxpayers how?

It was pretty self explanatory. You're calling people out for being 'rich', whilst having a bitch about wanting a 6 figure salary. If you think that 6 figures is rich, you're not exactly setting your sights high. That's a 4 year I.T Project Management degree and second year pay.

 

You also can't hate the 'rich' for being rich, because that automatically means you don't aspire to becoming rich yourself. No point complaining if that's the case :)

Looks like we have a scholar among us, Harvard psychology?

People who hate the rich don't aspire to be rich themselves... da faq

Also fairly self explanatory. If you hate someone SOLELY for having more money than you, what are you going to think of yourself if you ever have that much money? More to the point, how are you ever going to motivate yourself to earn that much money if you hate people in that financial position?

Edited by pyro

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Also fairly self explanatory. If you hate someone SOLELY for having more money than you, what are you going to think of yourself if you ever have that much money? More to the point, how are you ever going to motivate yourself to earn that much money if you hate people in that financial position?

 

Well if i was to every be "rich", there would always be someone else out there that had more wealth that myself. So rather than focussing on what i thought about myself i would then begin to hate the next level of rich people.

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Also fairly self explanatory. If you hate someone SOLELY for having more money than you, what are you going to think of yourself if you ever have that much money? More to the point, how are you ever going to motivate yourself to earn that much money if you hate people in that financial position?

 

Well if i was to every be "rich", there would always be someone else out there that had more wealth that myself. So rather than focussing on what i thought about myself i would then begin to hate the next level of rich people.

Sounds like a lot of work :lol:

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Also fairly self explanatory. If you hate someone SOLELY for having more money than you, what are you going to think of yourself if you ever have that much money? More to the point, how are you ever going to motivate yourself to earn that much money if you hate people in that financial position?

 

Well if i was to every be "rich", there would always be someone else out there that had more wealth that myself. So rather than focussing on what i thought about myself i would then begin to hate the next level of rich people.

Sounds like a lot of work :lol:

Im not too sure what the word work means.

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Going to the accountant to do mine this morning, hoping I get a decent amount back as I'm wanting to go to Japan in late October for the Motegi MotoGP round and just generally have a good time. That said, I think the change to the tax free threshold will mean I wont get as much as I have in recent years - last two years I got around $5500+ each time. You sorta get used to that ;p

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Going to the accountant to do mine this morning, hoping I get a decent amount back as I'm wanting to go to Japan in late October for the Motegi MotoGP round and just generally have a good time. That said, I think the change to the tax free threshold will mean I wont get as much as I have in recent years - last two years I got around $5500+ each time. You sorta get used to that ;p

 

how does one get so much back? Is it coz u earn so little? Or pay dickloads? Or have your own abn registered business or how do u do it? I'm not trying to pry but am curious

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Because he wasn't claiming the tax free threshold which means he was paying tax when he didn't have to. His weekly take home pay would have been lower.

Edited by battery

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Negative gearing for the win 6-7K, property, get into it!

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Negative gearing for the win 6-7K, property, get into it!

 

lol so how much were your interest payments to the bank over the last 12 months.

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Negative gearing for the win 6-7K, property, get into it!

 

lol so how much were your interest payments to the bank over the last 12 months.

Less than what he'll sell the property for.

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Negative gearing for the win 6-7K, property, get into it!

 

lol so how much were your interest payments to the bank over the last 12 months.

Less than what he'll sell the property for.

 

*he hopes*

 

Is there Stamp Duty on property sales in WA like there is in NSW? If so, add $20k to that interest accumulation upon sale.

 

Personally I think Positive Gearing is where it's at. Not really possible in NSW though.

Edited by pmod

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Negative gearing for the win 6-7K, property, get into it!

 

lol so how much were your interest payments to the bank over the last 12 months.

 

Over 50K, but its a 50% share so my income and losses are half, it still adds up though even with rental income. At the end of the day you want to be in a cashflow positive situation, have self sustaining assets and pay marginal tax.

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Because he wasn't claiming the tax free threshold which means he was paying tax when he didn't have to. His weekly take home pay would have been lower.
Yep this. Unfortunately over the last year my work (without me telling them to :rant: ) stopped taking the higher tax rate so my concern I wouldn't get as much back has proven true :( . According to the estimate looking at about $750, not happy.

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Because he wasn't claiming the tax free threshold which means he was paying tax when he didn't have to. His weekly take home pay would have been lower.
Yep this. Unfortunately over the last year my work (without me telling them to :rant: ) stopped taking the higher tax rate so my concern I wouldn't get as much back has proven true :( . According to the estimate looking at about $750, not happy.

 

So that means you had more cash in your pay each week, instead of getting a chunk back at the end of the year. What's the issue? Didn't you notice you were being paid more, and simply popped the extra in the bank?

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Because he wasn't claiming the tax free threshold which means he was paying tax when he didn't have to. His weekly take home pay would have been lower.
Yep this. Unfortunately over the last year my work (without me telling them to ranting3.gif ) stopped taking the higher tax rate so my concern I wouldn't get as much back has proven true sad.png . According to the estimate looking at about $750, not happy.

 

So that means you had more cash in your pay each week, instead of getting a chunk back at the end of the year. What's the issue? Didn't you notice you were being paid more, and simply popped the extra in the bank?

You also have the opportunity to earn the interest on that extra cash. If you pay more to the ATO, they earn the interest.

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Because he wasn't claiming the tax free threshold which means he was paying tax when he didn't have to. His weekly take home pay would have been lower.
Yep this. Unfortunately over the last year my work (without me telling them to :rant: ) stopped taking the higher tax rate so my concern I wouldn't get as much back has proven true :( . According to the estimate looking at about $750, not happy.
So that means you had more cash in your pay each week, instead of getting a chunk back at the end of the year. What's the issue? Didn't you notice you were being paid more, and simply popped the extra in the bank?
Yeah I realise that, but they way I've done it in the past I've liked because it forced me to be more responsible throughout the year with a sweet payoff at the end, which was why I never bothered to change it with payroll. But Pyro, you make a good point on the front of earning interest, I should've considered that. I still think its pretty shitty of my employer to go and change that without my consent or even informing me they were going to.

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Got mine back 3393 bucks and its all gone on a 180sx sr20det 5 speed

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got just under 5k back... positives of being poor i guess

im a poor apprentice and will get no where near that lol

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