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Where do your taxes go?

Discussion in 'Accounting & Tax' started by Roosterman, 6th Aug, 2015.

  1. Roosterman

    Roosterman Well-Known Member

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    Just got my tax refund for this year (thanks @Paul@PFI)

    What is mildly interesting is page 2 of the notice of assessment.

    The Australian Govt thanks me for my tax contribution for the year, and then lists how my tax dollars have actually been spent, detailing amounts for welfare, defence, housing, foreign aid. govt debt interest, transport etc.

    I guess if I'm going to hand over circa $50k in income tax each year it is mildly interesting to see where it is spent.
     
  2. James Bond

    James Bond Well-Known Member

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    How much do you feel you actually benefited from? Like - you might benefit from transport, education etc, but not so much from welfare.

    JB
     
  3. sanj

    sanj Well-Known Member

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    The entire country benefits from there being a safety net.

    Sure it is sometimes abused and that is deplorable but overall I'm glad we have it.

    Also, welfare comes in many forms, including the huge chunk of middle class welfare we dole out
     
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  4. Be Developer

    Be Developer Property Developer Business Member

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    @Roosterman

    I liked that new addition to NoA this year. On other side, I hate seeing where my tax $ is going.

    Never used medicare,hospital or anything
    Will most likely won't qualify for dole or pension.

    Anyway..chipping in my share:)
     
  5. Roosterman

    Roosterman Well-Known Member

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    Here is the break up. I don't really benefit from any of the big ticket items.

    upload_2015-8-7_10-22-53.png
     
  6. Pistonbroke

    Pistonbroke Well-Known Member

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    .


    If someone has paid circa $50k does the OP really need middle class welfare?
     
  7. Plucka

    Plucka Well-Known Member

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    You may not benefit now, but what's to say you or someone in your family may not benefit in the future. Also do you feel that everyone should only benefit from what they pay in? Those less fortunate can just fend for themselves?
     
  8. Roosterman

    Roosterman Well-Known Member

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    You may have mis-interpreted me. I have no problem paying my share of tax and I don't begrudge my taxes being spent on welfare and other areas that don't directly benefit me.

    I'm in an extremely fortunate position, I live in the lucky country.
     
  9. willair

    willair Well-Known Member Premium Member

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    This may be old but in between the plot remains the same..

     
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  10. Perthguy

    Perthguy Well-Known Member

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    Maybe I am unusual, but I do feel that I personally benefit from the taxes I pay. 2 major infrastructure projects in my area (GEH upgrade and Airport interchange) were partially funded by Federal Government funds. I use these roads regularly and they make getting around easier. I also went to hospital for the first time this year, covered by medicare (which I pay for in my tax). I also had to see an oral surgeon (fee substantially covered by medicare), a doctor (bulk billed), buy prescription medication (subsidsed by PBS), get a CT scan (with a huge medicare rebate) etc. The whole exercise left me with a very small out of pocket expense.
     
  11. Be Developer

    Be Developer Property Developer Business Member

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    GOLD

    @Paul@PFI /+ @Terry_w /+ @RPI = Tax minimization and asset protection at its best
     
  12. Rixter

    Rixter Well-Known Member

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    Who pays income tax?o_O




    ;)
     
  13. Be Developer

    Be Developer Property Developer Business Member

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    I guess most of us not on LOE, have no choice:)
     
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  14. Bayview

    Bayview Well-Known Member

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    I'm with you, Sanj.

    This Country is perhaps the best Country on Earth for overall standard of living, opportunity, and so forth. Better than the USA for example by a fair margin; from my experience.

    I don't utilise a lot of the taxes I pay (roads mostly), but I am more than happy to contribute to the greater good for all.

    With middle class welfare; I currently receive a little bit (Family Assistance) in the form of rebates on Childcare - but my view is that it is beneficial in a few ways;

    1. It allows a lot of wives/husbands to work a bit more and have some help with childcare - my wife and I have no support whatsoever from family for this due to where we live, and as you all know we have been running on empty for a few years and have needed to do more hours (my wife has) to survive financially.
    2. It provides more jobs in the form of childcare centres/workers etc.
    3. The Gubbmint gets back most of that money through the various taxes we pay from our extra work hours, and the extra jobs from the childcare centres etc.
     
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  15. datto

    datto Well-Known Member

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    Well that's strange. On that list showing where our taxes go, i couldn't see "politician travel expenses".
     
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  16. Rixter

    Rixter Well-Known Member

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    Maybe it's because they can claim ~$350 per night without the need to produce receipts.:rolleyes:
     
  17. datto

    datto Well-Known Member

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    Sheez Rix, I'm in the wrong game.
     
  18. Rixter

    Rixter Well-Known Member

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    But you're not..look into purchasing IP in trusts. ;)
     
  19. marty998

    marty998 Well-Known Member

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    This is actually the second year that the "tax receipt" has been sent out. Hockey implemented the idea last year. Not normally a fan of the big fella but in the interests of transparency I think it is a good idea.

    Interest on government debt is the one to get everyone outraged. What is surprising to many is how little of the welfare pot goes to those we routinely condemn as "bludgers". The 2 biggest items are the aged pension and family payments.

    Imagine how much the tax rates could be cut if family payments were curtailed. Perhaps the government could look at the US method of "Married Filing Jointly" in order to access a dual tax free threshold and make up for the loss of payments.

    Centrelink has so many benefits available these days that you'd be hard pressed to find anyone not getting a benefit. It's no longer a safety net but a warm blanket covering the wide brown land.