Income Tax Rate For Liberal and Labor?

Layass3 on 30/03/2022 - 19:44
Last edited 30/03/2022 - 19:44

Hi,
I would like to know if there is a difference in the amount of income tax that you pay between liberal and labor government, or does it always stay the same?
If there is a difference, which government would I pay a lower income tax?

I have lived and worked in Australia for a number of years now. However, I only became an Australian citizen last year so I have to vote this year.
I watched the federal budget on TV but wasn't able to find any information on this.

My annual income is $87k.

https://www.ato.gov.au/rates/individual-income-tax-rates/

Thanks

Financial Tax

Comments

- - - - Vote for Pedro on 04/04/2022 - 20:08
        
        +2
        
        @mdavant: They are exactly that. Handouts to allow high income earners to offset losses from their business (property portfolio) against their personal unrelated income.
        
        It’s a scam comrade. It’s worse than a scam, it prices the less wealthy out of the property market forcing them to rent and thereby being stuck in a never ending fight just to have a roof over their head. It’s a disgrace
        
        mdavant on 04/04/2022 - 21:03
        
        @Vote for Pedro: No they are not a handout
        
        What negative gearing does is available to ALL Australians
        
        Plus you can offset business losses against personal income if you earn less than a certain amount.
        
        Now, please, tell me which handout I qualify for.
        
        You are yet to do so
        
        Vote for Pedro on 04/04/2022 - 22:33
        
        +2
        
        @mdavant:
        
        What negative gearing does is available to ~~ALL~~ wealthy Australians
        
        Fixed it for you. Im sure the estimated 1.4 million Australians on minimum wage don’t share your optimism nor the substantial number who are under employed, nor those earning slightly above minimum wage but hardly have a chance to get ahead.
        
        But those in on the rorts always always defend it using exactly your techniques that it’s available to all when the reality is quite different
        
        mdavant on 05/04/2022 - 03:13
        
        @Vote for Pedro: Don't deflect.
        
        It is available to everyone and is not a handout. ( Also I have no investment properties or margin loans so have no flesh in the game)
        
        Show me a handout.
        I am waiting.
        
        Vote for Pedro on 05/04/2022 - 07:53
        
        +2
        
        @mdavant: That’s the problem with people right there. Your view of a handout is directly taken from the Current Affair playbook ‘those bloody dole bludgers getting handouts’
        
        Negative gearing costs about $14 billion to the budget bottom line so the wealthy can get a tax break (read handout). Whether you have skin in the game is irrelevant.
        
        Lets not even talk about concessional superannuation contributions or the use of discretionary trusts.
        
        mdavant on 05/04/2022 - 09:09
        
        @Vote for Pedro: A tax break is not a handout! Everyone can access it.
        
        Stop making things up.
        
        In your playbook all tax deductions are a handout then
        Sheesh talk about a biased narrative.
        
        You said you receive zero handouts. I call bs as you would claim deductions being that you earn over 300k per year.
        
        Let's talk about concessional super contributions as you walked into it (as I was hoping you would)
        
        Superannuation is a labor baby.
        
        How is me paying 30% tax on super contributions a handout when middle income earners pay 15% and low income earners pay even less after co-contributions.
        
        Lol
        
        Vote for Pedro on 05/04/2022 - 10:28
        
        +1
        
        @mdavant: Jfc. Who cares whos baby it is.
        
        Superannuation concessions are realistically for the wealthy. How many minimum wage or anyone earning under $100k can afford to contribute to super (other than sgc) and get them benefit of the concessional rate?
        
        How many of those same people can realistically access negative gearing?
        
        Not many. Just because a government concession/tax break/handout is available, doesn’t mean it’s accessible by everyone.
        
        But that’s exactly what I’m getting at. The well off love to stomp on those below them, but as soon as someone comes after their government perks its all ‘woe is me’ and ‘its not the same’ blah blah blah
        
        mdavant on 05/04/2022 - 10:34
        
        @Vote for Pedro: So it isn't a handout.
        
        Provide me with a handout I qualify for.
        
        (Hint: we are not entitled to any)
        
        Vote for Pedro on 05/04/2022 - 10:49
        
        @mdavant: And there you go.
        
        Gets access to government funded concessions and perks and deductions because of high income but cries that its not a handout like thems poors.
        
        You are everything wrong with the opportunity for Australia to undertake proper tax reform.
        
        Hopefully Albo wins and then has the courage to undertake massive taxation and social reform to finally make Australia the best it can be. Sadly, I don’t think he will.
        
        mdavant on 05/04/2022 - 10:55
        
        @Vote for Pedro: Wow.
        
        I contribute less than 10% into super and access the exact same taxation treatment as every other working Australian and apparently I am a money hungry pigdog.
        
        I tell you what is wrong in Australia is people expecting others to work for them.
        
        I bet you aren't a high income earner. I bet you receive oodles of handouts which is why you are so defensive.
        
        Get real with what is a handout. You pretend things are to make a poor argument.
        
        Anyone who has half a clue knows you are making it up.
        
        Tell me a handout I am entitled to
        
        Vote for Pedro on 05/04/2022 - 11:15
        
        +1
        
        @mdavant: Lol. Hit a nerve did it?
        
        mdavant on 05/04/2022 - 11:23
        
        @Vote for Pedro: Not really, but it feels like banging a head against a very thick brick wall.
        
        Tell me a handout I am entitled to
        
        Vote for Pedro on 05/04/2022 - 14:48
        
        @mdavant: I’ve told you. Just because you choose to not accept reality tells me everything i need to know about you and your ilk
        
        mdavant on 05/04/2022 - 14:58
        
        -1
        
        @Vote for Pedro: So you think tax deductions are handouts
        
        Just want to clarify your position considering you said you received no handouts
        
        SBOB on 05/04/2022 - 11:18
        
        +1
        
        @mdavant:
        
        (Hint: we are not entitled to any)
        
        then stop complaining about it and start earning less…
        
        mdavant on 05/04/2022 - 11:25
        
        -1
        
        @SBOB: Tempting.
        
        But as a decent Australian I value the input I can make to productivity.
        
        If only we all did we would all be better for it.
        
        So I respectfully decline your suggestion as it would do the community more harm than good.
        
        The better statement would be to ask the leaners to work harder and contribute more.
        
        mdavant on 05/04/2022 - 16:34
        
        -1
        
        @Vote for Pedro: Once again people can't distinguish high income with wealth.
        
        Tsk tsk coming from someone who earns over 300k per year.
        
        Korban Dallas on 03/04/2022 - 22:01
        
        @mdavant: And Sarina Rosso
    - Korban Dallas on 03/04/2022 - 12:55
      
      +2
      
      Not everyone can get a high paying job.
      
      People in country towns do it the hardest.
      
      There is a balance.
      
      They say the rich and stupid vote for the libs
      - mdavant on 04/04/2022 - 05:21
        
        @Korban Dallas: Every able person can get a high paying job.
        
        You just have to figure out what you are prepared to sacrifice to get there.
Choc0 on 01/04/2022 - 11:14

+1

At this stage, it looks like their income tax policies are the same, there will be a large tax cut in a couple of years that Labor has supported through the senate. This is only at risk if Labor has to form a minority government.

So if tax is the issue for you, rest easy and vote for Albo.
Dack Smith on 01/04/2022 - 12:02

Labor sticks up for the little guys, so income tax rate would be no greater than 20% under Labor, I hope.
- mdavant on 02/04/2022 - 21:07
  
  -1
  
  True.
  
  Most non woke labor supporters would indeed pay less than 20% tax.
  
  Heck, I wouldn't be surprised if quite a lot were net recipients after low to middle class handouts.
  
  Do the math.
  - Vote for Pedro on 02/04/2022 - 21:45
    
    +2
    
    Lol. Woke. You’re a middle aged bloke that watches sky news after dark. Aren’t you?
    
    Is that you chris kenny
    - mdavant on 03/04/2022 - 04:59
      
      Yes
      No
      No
      
      Did you do the math?
AlanHB on 01/04/2022 - 12:16

Well the income tax rate is already due to decrease, depending on your income rate. This is due to the liberals bringing in multi phase tax cuts a couple of years ago.
Duckie2hh on 01/04/2022 - 20:48

+2

A vote for liberals is a vote for religious schools to discriminate against your son/daughter for their sexual beliefs.

Vote for equality instead of your bank account.
- rektrading on 01/04/2022 - 21:37
  
  People are more likely to choose money to put food on the table than the feeling of some stranger's children.
- jsrz18 on 02/04/2022 - 13:09
  
  Don't think I'll vote based on someone being confused about their gender lmao.
Tonku on 02/04/2022 - 10:00

-1

I am a new citizen from India , first vote for Coalition
HappyPuppies on 02/04/2022 - 12:18

+1

Whichever party that forms government will be faced with an enourmous debt from CoVID. That government will have a difficult political decision to raise taxes (GST or income) and/or reduce spending, or kick the problem down the path for the next generation to deal with. It all feels rather inevitable, just need to brace yourself for it.

If it comes to taxes, there will be the argy bargy of who will pay for the bulk of it. My preference is for an uplift to the GST, rather than the traditional corporate, payroll or income tax route.
- mdavant on 03/04/2022 - 05:14
  
  Can you imagine if we had a good option for pm?
  
  What happened to having parties with conviction you might ask.
  
  Well I will answer that.
  
  The worst pm/treasurer combo I have ever seen decided the way to stay in power was to buy votes and it worked!! (Obscene middle class welfare funded by a mining boom -howard/Costello)
  Saw off Beazley.
  
  Now it is just a handout mentality at election time
  
  Strayamaaate
- ThithLord on 05/04/2022 - 15:34
  
  Whichever party that forms government will be faced with an enourmous debt from CoVID.
  
  What do you mean, from COVID? The LNP had already amassed hundreds of billions of dollars of debt for Australia before COVID was even a thing! 600-800B from memory
xtremehell on 02/04/2022 - 23:12

As Leigh Sales has pointed out in her questioning, Labor are the worse economic managers.
- Korban Dallas on 03/04/2022 - 00:59
  
  +4
  
  She's wrong
Kevin07 on 02/04/2022 - 23:45

+2

prompt reminder from 1991 from kerry packer and his
"Of course I am minimising my tax. And if anybody in this country doesn't minimise their tax, they want their heads read, because as a government, I can tell you you're not spending it that well that we should be donating extra!" famous tax speech:

https://www.youtube.com/watch?v=DBg7DnQjjcY
Korban Dallas on 03/04/2022 - 00:59

+5

Liberal are generally the highest taxing government in terms of average percentage.

Vote independent. Not career pollys

They have a moral compass and don't toe party lines
rektrading on 04/04/2022 - 20:19

-1

This link is for people who are interested in protecting their hard-earned money.

How to Escape Your Country’s Tax System
24,127 viewsApr 3, 2022
https://www.youtube.com/watch?v=W9xfjU6Hq-k&t=665s
Bad Company on 14/04/2022 - 10:22

Paying tax is not necessarily a bad thing. Instead of focusing on how much tax you pay, you should be focused on how your tax money is spent.

Congrats by the way!

Income Tax Rate For Liberal and Labor?

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