Taxable incomeTax on this income
0 – $6,000 Nil $6,001 – $35,000 15c for each $1 over $6,000 $35,001 – $80,000 $4,350 plus 30c for each $1 over $35,000 $80,001 – $180,000 $17,850 plus 38c for each $1 over $80,000 $180,001 and over $55,850 plus 45c for each $1 over $180,000
The tax free threshold is out of pace with current economic conditions, reworked with a higher starting rate, employment and reliance on social services ensures part time workers are out of pocket as are the small business sector, the proposed changes “below” would reinvigorate the small business and self employed sectors, increase part time and casual employment and take pressure of the economy.
Let the people choose where to spend the savings, rather than dictate by way of the current rebate schemes, which have proven less than capable of economic viability.
Taxable incomeTax on this income 0 – $15,000 Nil $15,001 – $55,000 20c for each $1 over $15,000 $55,001 – $110,000 $8,000 plus 33c for each $1 over $55,000 $110,001 – $220,000 $26,150 plus 40c for each $1 over $110,000 $220,001 and over $70,150 plus 45c for each $1 over $220,000
The Average income in Australia falls at $68,000 the above restructuring of the income tax rates would be a saving of $37 per week, pumped back into the economy resulting in a further increase in productivity and small business turnover.
Reliance on social services would decrease by allowing for an increase in casual and part-time employment for those in need of supplementing their income, lifting the life styles of our lowest income earners.
My research still leads me to believe that the abolishment of our complicated 500 page taxation act, in favor of an across the board “Debits Tax” is the answer to take us into the next century, as it would do away with tax returns, avoidance and the like, and would currently only attract a percentage of around 1.5% to meet the current contributions, but those who are in the best position to avoid tax, seem to also have the biggest voice against honest change.
Taxation reform puts the money in the hands that have earned it, rather than LPG rebates that did not apply to small business and those who had already invested in such cost saving measures, add to this the child bonus, the bungled home insulation scheme, the massive home ownership grants, all we have really achieved is rewarding those who least deserved it, and allowed for rorting of the system.
" A fine example would be the LPG rebate, I had already had a quote to put my work vehicle on LPG, $1350 once the rebate scheme came in, the price almost doubled over night to $2600, and as it was a business vehicle, the rebate did not apply to me, once again rewarding those who least needed or deserved the support, and disadvantaging small business, give me my overpaid tax back, and let me spend it as I see fit".
Genuine reform in the pockets of those who have made the overpaid tax contributions in the first place, will see the savings better spent in the economy, rather than topping up the Pokie barons.