Monday, March 30, 2009

Moominvalley, 2612, ACT, & Australia

Continuing the series on income and tax in the ACT and Australia, today's post compares the averages for "Moominvalley" (Moom's and Snork Maiden's average per person) in 2007-8 with the averages for our postcode, our state, and our country in 2006-7:

We earned a lot less than average in 2007-8 than these regions did in 2006-7. In terms of total income though we earned $36.7k compared to the Australian average of $43.5k. Fortunately we paid a lot less tax both absolutely and in percentage terms - just $3.5k in net tax (9%) compared to the Australian average of $9.7k (22%). The postcode average was 24% and ACT 23%. We got more imputation credits (for corporation tax already paid on dividends received), more capital gains, and much larger deductions than the averages for all these regions. All these reduced our final tax bill. We claimed particularly little in work-related expenses, however, as Snork-Maiden's employer is very generous in covering costs on business trips and she gets a laptop from work that covers her computing needs at home too. I claimed investment expenses instead of work-related expenses. Work-related expenses are employee, not business expenses. So they are really rather high as an average in Australia...

No comments: