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.
