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  1. #51

    Default

    ability to save is not a function of income level

    When I'm next in Wellington I'd like to buy you a beer and shake your hand.

    looks like my annual rent would be more than half the salary.

    Probably not true, if you want to live like a westerner in an asian country then sure, but with a bit of sacrifice and willingness to compromise a little on comforts the bankers hold dear you should be able to make it work. Also Asia is fun.

    I got ahead by earning $140K a year in Tokyo with my contribution to rent and bills around $30K. Bloody high taxes in Japan tho.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

  2. #52
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,768

    Default Keep Smiling Atlas

    Individuals are carrying the tax burden
    3 June 2019

    Quote Originally Posted by Stuff
    Our tax brackets, or thresholds, have been the same since 2008, when the highest rate was adjusted up from $60,000. You can also look at it this way. In 2008, only 335,000 people paid the top tax rate. By the 2016-2017 tax year it had almost doubled to 665,000 people.

    And now, people earning over $70,000 pay 63 per cent of all income tax.

    I couldn't help but think about this as I browsed the Wellbeing Budget.
    And what portion of the total tax take does income tax comprise, I wonder? (Excluding stealth taxes, aka SOE dividends, etc.)
    With all the Draconian new laws for residential rental LLs, perhaps AirBnB would be better? To avoid any hassle in Hawke's Bay, consult Be My Hostess. Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  3. #53
    Join Date
    Oct 2013
    Posts
    1,609

    Default

    Hey Perry

    Proportion of tax take from income tax has dropped markedly in that time. See table below, hope it comes out looking right.


    Year to 30 June: 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
    GST 18.5% 20.5% 24.9% 26.8% 26.7% 26.1% 25.9% 26.1% 25.9% 25.9%
    Individual Income Tax 59.7% 58.7% 57.7% 54.5% 53.4% 52.9% 53.4% 54.2% 53.2% 51.8%
    Company Income Tax 21.0% 20.0% 16.6% 17.9% 19.1% 20.4% 20.1% 19.1% 20.3% 21.8%
    Duties & Other Taxes 0.8% 0.7% 0.8% 0.8% 0.7% 0.7% 0.6% 0.6% 0.6% 0.6%
    Total Income Tax (Indiv + Coy) 80.7% 78.8% 74.3% 72.4% 72.6% 73.3% 73.5% 73.3% 73.5% 73.6%


    Source for raw data (I did the table above): https://www.classic.ird.govt.nz/abou...collected.html
    AAT Accounting Services - Property Specialist Accounting - AATAccounting.co.nz
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  4. #54
    Join Date
    Apr 2005
    Posts
    2,699

    Default

    Quote Originally Posted by Wayne View Post
    Also every time this sort of discussion comes up I am reminded about the joke of the 10 men in the restaurant.

    The cost of dinner
    Each and every day, 10 men go to a restaurant for dinner together. The bill
    for all 10 comes to $100 each day. If the bill were paid the way we pay
    our taxes, the first four would pay nothing; the fifth would pay $1; the
    sixth would pay $3; the seventh $7; the eighth $12; the ninth $18. The
    10th man – the richest – would pay $59. Although the 10 men didn’t share
    the bill equally, they all seemed content enough with the arrangement –
    .
    Good point.
    I like it.
    Now what if it was closer to real life.
    The four eating for free weren't sitting at the same table as the rest.
    They were out back on a couple of beer crates, with soup made from the drained water from the other meals.
    The middle guys had bread and a low priced meal,n ot in the vip section either.
    The rich guy had steak and lobster, but didn't eat much, to make room for the $500 dollar bottle of wine.
    They were all equally needed to keep the town running smoothly.
    Now, who should pay what?

  5. #55
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,768

    Default

    Quote Originally Posted by Anthonyacat View Post
    Hey Perry

    Proportion of tax take from income tax has dropped markedly in that time. See table below, hope it comes out looking right.
    So GST up by about the same amount as income tax is done.

    Would that be a 'zero sum game' for wage and salary earners?
    With all the Draconian new laws for residential rental LLs, perhaps AirBnB would be better? To avoid any hassle in Hawke's Bay, consult Be My Hostess. Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!


 

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