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Yes. Australia has had this for a long time. The rates last FY were: Below $54,126 Nil $54,126–$60,292 4% $60,293–$66,456 4.5% $66,457–$69,949 5%
by RVuRnvbM2e 10y ago
Yes. Australia has had this for a long time. The rates last FY were:
Below $54,126 Nil
$54,126–$60,292 4%
$60,293–$66,456 4.5%
$66,457–$69,949 5%
$69,950–$75,190 5.5%
$75,191–$81,432 6%
$81,433 - $85,718 6.5%
$85,719–$94,331 7%
$94,332–$100,519 7.5%
$100,520 and above 8%
The progressive structure helps address the disadvantages, I think. Also debt has no interest, but it's indexed to CPI.
- NeutronBoy 10y agoJust a note that it's not actually progressive brackets - e.g. if you earn $90,000, you pay 7% of the $90,000, not just the portion over $85,719. It's not like the rest of the tax brackets which actually are progressive. But yes, I really like the Australian system. The fact that's its integrated with the tax system means there's no other monthly payments to worry about, it sorts itself out at the end of the financial year.