Australia Drowning in Taxation and Immigration

Australia Drowning in Taxation and Immigration

Australia Drowning in Taxation and Immigration

Taxation

Australia relies more on income tax from companies and individuals than any other country in the OECD, except Denmark.

OECD data does show that Australia derives a higher proportion of its total taxation revenue from income tax collected from companies and individuals than any country except Denmark.

In Australia, income tax on personal income is a progressive tax. The rates for resident individual taxpayers is different to non-resident taxpayers.

The current tax-free threshold for resident individuals is $18,200, and the highest marginal rate for individuals is 45%. In addition, most Australians are liable to pay the Medicare levy, of which the standard is 2% of taxable income.

In addition to that Aussie’s get whacked with Sales tax The goods and services tax (GST) in Australia is a value added tax of 10% on most goods and services sales. GST is levied on most transactions in the production process, but is refunded to all parties in the chain of production other than the final consumer.

The GST is a regressive tax, which has a more pronounced effect on lower income earners, meaning that the tax consumes a higher proportion of their income, compared to those earning large incomes.

Income tax is withheld from wages and salaries in Australia, often resulting in refunds payable to taxpayers. An employee must quote to employers their tax file number (TFN) so the employer can withhold tax from their pay. While it is not an offence to fail to provide an employer, a bank or financial institution with a TFN, in the absence of this number, payers are required to withhold tax at the rate of 47% (the highest marginal rate plus Medicare levy) from the first dollar.

Companies are taxed at a flat rate of 30%.

It doesn’t stop there, Australian employers after getting whacked with hefty payroll tax must pay the superannuation guarantee, a minimum of 9.5 per cent of their employees’ earnings, into a complying superannuation fund.

Immigration

Overseas migration overtook the birth rate as the main source of Australia’s population rate in 2006, two years after the former treasurer Peter Costello urged Australian parents to have “one for the father, one for the mother and one for the country”.

Australia Politicians are spineless when it comes to the USA so for the last 8 years of Obama, Australia has been a dumping ground for the world’s Muslim refugees that Obama and Merkel were unable to shove on there own populations, and is now facing European style problems.

Australia is failing to support pensioners, farmers and it’s own current population the idea of more immigration from anywhere is madness.

The radicalisation of elements of Australia’s Muslim population is of intense security concern not only because of the obvious physical damage that domestic terrorists can inflict, but because of the potential damage it can do to the social fabric.

Do not expect this Government to help, Malcolm Turnbull, two weeks before an election, to invite a Muslim hate preacher to a Ramadan dinner at Kirribilli House, Turbull is a danger to Australia.

There are plenty of countries with Muslims that would enjoy and appreciate them to move to Australia, the continued influx of warzone refugees and high risk individuals should be stopped. Australia needs a Trump.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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