That'll be $877, Debit or Credit?

[DaveB]

You are taxed at .36% which is very reasonable and you are only taxed on land value and not the improvements. I can only dream of that here. It looks like your top income rate is 45% and you have a VAT of 10%. Not to different from what get hit with here in California.

Our income tax is federal only and there is no state taxes or sales taxes etc.
The maximum rate is 45% but only for the portion of your income over $190,000
So last year I paid a bit over $67,000 in tax which worked out to be 31.3% of taxable income.
I got a bit over $15,000 back when I put in my tax return so ended up paying around about 24.1%
In reality I think our income tax is fairly good in Australia and we certainly get to claim a fair bit back.
I claim 62% of all costs/mileage on the grenadier as a starting point and depreciation on the first $69,674 over 5 years.

There is a national blanket 10% GST (VAT) but many items are exempt.
Best thing is that any retail price you see includes the GST figure so there are no surprises at the cash register.

 

[CRH]

Wow.

I do not even pay that for my F650 in Florida or PA. But then again PA doesn't need our road tax money since they do not maintain them.

That sounds like the UK except they still take our money and keep working on ways to take more

 

[NQ94]

Our income tax is federal only and there is no state taxes or sales taxes etc.
The maximum rate is 45% but only for the portion of your income over $190,000
So last year I paid a bit over $67,000 in tax which worked out to be 31.3% of taxable income.
I got a bit over $15,000 back when I put in my tax return so ended up paying around about 24.1%
In reality I think our income tax is fairly good in Australia and we certainly get to claim a fair bit back.
I claim 62% of all costs/mileage on the grenadier as a starting point and depreciation on the first $69,674 over 5 years.

There is a national blanket 10% GST (VAT) but many items are exempt.
Best thing is that any retail price you see includes the GST figure so there are no surprises at the cash register.


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Most working Aussies on a wage/salary would not be eligible for any vehicle deductions or any where near 62% of costs plus depreciation unless the car is for their business, part of an employment agreement or tied in with rental properties and even then the ATO is pretty strict. Vehicle deductions are a good way to invite an audit.

 

[CrazyOldMan]

I would like to rename this thread “Aussies discuss their tax code in minute detail.” Gripping stuff, guys - please share more, and really dig into the state and territorial differences. Be sure to hit any municipal anomalies as well.

 

[TheCarpenter]

You and me both. My wife and I have been looking in Park City Utah. There are a few complications with that because we have aging parents here in LA and we already have a mountain home in Lake Arrowhead but damn we want out of this dystopian state.

I left Lake Arrowhead during the COVID and headed to Reno NV. I talked my mom into selling her 40 year home in the SFV and she bought a place 6 doors down. My home owners insurance is a 1/5 property tax 1/3 and no state income tax was a 12% gain. I'm cheering you on to greener patures my friend!

 

[Commodore]

I would like to rename this thread “Aussies discuss their tax code in minute detail.” Gripping stuff, guys - please share more, and really dig into the state and territorial differences. Be sure to hit any municipal anomalies as well.

View attachment 7897092

And here I actually find it interesting. I complain plenty about what has happened in California and the absurd taxes we pay but really don't have much knowledge on what other countries pay.

 

[Commodore]

I left Lake Arrowhead during the COVID and headed to Reno NV. I talked my mom into selling her 40 year home in the SFV and she bought a place 6 doors down. My home owners insurance is a 1/5 property tax 1/3 and no state income tax was a 12% gain. I'm cheering you on to greener patures my friend!

It would be selling my Pasadena home to move out of state and keeping Lake Arrowhead. We have too many friends and way too much history at that little lake to ever sell that house. The question is... Is it worth taking the large tax hit to sell Pasadena and move. We even discussed leasing out Pasadena and then leasing something in a city we might want to live as a way to try it out. Unfortunately, Pasadena's new rent control laws and Newsom's executive order on price gouging from the recent wild fires make this completely impossible.

 

[Tom109]

"That'll be $877."

$1288 here in Las Vegas.

Is that one year? It must include “property tax”!?

New Jersey registration is $84/year.