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Just 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
by NeutronBoy 10y ago
Just 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.