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.


View attachment 7897080 View attachment 7897081

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.

 

[Bayford]

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.

I also think its quite interesting. I guess it all depends on what we get for the total tax that we pay. Not just the minutiae of how often the bins are emptied or the roads repaired but the bigger things in life.

In the UK my view is that the state provided services are generally pretty awful and we pay a lot for them. My Danish and Norwegian friends pay higher taxes than we do but seem to have good roads, good schools, good health service and accountable public officials and they don't really whinge about the level of tax that they pay. On the flip side I used to do a lot of work in northern Russia where virtually nobody paid any tax and that led to a not very nice, safe or cohesive society. Plus most public officials expected you to make up their pay packet directly in cash in USD if you wanted anything that you were entitled to done.

 

[Zimm]

sounds like "council rates" are similar to our property taxes. They are taxes levied on real property that are supposed to cover a wide range of infrastructure maintenance. Here in California that rate is about 1.2% of assessed property value annually. So our run of the mill $5M home pays around $60,000 a year in tax. This is in addition to 10% sales tax (VAT), 37% federal income tax, 13% state income tax, the absurd annual vehicle registration fees, and of course Kalifornia's very special gas taxes. We are taxed like a socialist country but we don't get the free services. It seems that we need another tea party to set things straight again.

The combined school and borough mileage rate where I’m at is 30 mils, so a 5m assessment would be 150000.00 plus we have a 7% sales tax, and 57c a gallon fuel tax. If you can afford a 5m house, you can do 60k in taxes.