Monday, July 26, 2010

Snork Maiden's Taxes 2009-2010

It's tax time again down under. The tax year ends on 30th June here and the deadline for submission is 15th October. It will be a while before I can do my own taxes but I have got Snork Maiden's tax return out of the way. As it is pretty straightforward and I have a spreadsheet set up from last year as well as last year's return to refer to it took me less than an hour to do. See last year's figures for a comparison.

I estimate that she owes $13 in taxes which is much better than last year. Her salary actually increased a lot more than this over the past year (from $71,772 to $77,756) but this was our first full year of making salary sacrifice contributions of $A225 per fortnight into superannuation (i.e. pretax retirement contributions). This reduced her take home salary. Otherwise, there is not a lot of difference. Australian investment income was a little higher and foreign investment income a little lower.

Her average tax rate was 22.78%. Her marginal tax rate is 31.5%. This covers all taxes as there are no state income taxes in Australia.

3 comments: said...

"This covers all taxes"? Ha!

Petrol excise
Alcohol tax
Land tax
Car rego

It would be interesting to see what percentage of income really ends up being consumed by taxes.

mOOm said...

That's a good point! I just copied that line with a change of numbers from last year's post. The point was that we don't need to file a separate state tax return in Australia like we had to in the US. But yeah it doesn't cover all the tax we pay directly and indirectly of course.

Steve @ 2009 Taxes said...

That is being very open about her tax situation which is nice.