Business Services Industry
That creepy feeling.
Australasian Business Intelligence, August, 2002
Aug 18, 2002 (The Sunday Times
ABIX via COMTEX) -- The five per cent of Australians on the biggest incomes pay 27 of the total taxation bill. This is one of the statistics released by the Australian Taxation Office. Taxpayers earning $A16,000 a year are paying $A2,000 in tax while those earning $A41,000 are paying $A10,000. Taxpayers in the $A25,000 to $A50,000 income bracket are most affected by "bracket creep", when extra income pushes the total income into a higher bracket so it is taxed at a higher rate. Income-earners least affected by bracket creep are those on annual incomes of $A100,000 and above.
Publication Date: 18 August 2002
AUSTRALIAN TAXATION OFFICE
By Terry McCrann
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