Take a second look at what appears to be someone's "good luck." You'll find not luck but preparation, planning, and success-producing thinking....
- David Joseph Schwartz
Australian Tax Cuts - Part One
So, Australia's Costello has gone where New Zealand's Cullen refuses to go.
A massive adjustment to taxation thresholds.
From July 1 this year:
The 42 per cent threshold will increase to $63,001.
The 47 per cent threshold will increase to $95,001
From 1 July 2006:
The 42 per cent threshold will increase again to $70,001.
ยท The 47 per cent threshold will increase again to $125,000.
In addition to this, the lowest tax rate has been reduced by 2% down to 15%.
Tomorrow, I will be putting up a side by side comparison of the income tax structures for NZ and Australia.
It is time the reality of this hits home.
An average salary of $50,000 in Australia if converted to NZ Dollars equates to NZ's top tax bracket! Come on Labour, Cullen and Helen, ENOUGH! You are killing NZ's economy with taxation and hurting the very people that keep you in parliment!
