To be a member of the top 1% of taxpayers, a taxable income of at least $350k is required - half what is needed in the US. IncomeTax auspol onepercent
Four in five Australians earn less than $100,000 with new tax figures revealing the federal budget is increasingly reliant on the nation’s best-paid 1 per cent to cover the cost of growing services and infrastructure.
One in nine of all Australians, with a near even split between men and women, have a taxable income between $50,000 and $60,000. “The pace of the economic recovery, and exceptionally strong demand for key commodity exports – namely iron ore – have provided a timely boost to government revenues such as company and income taxes, the goods and services tax, and conveyance duties. We expect key revenue lines to outperform the central government’s own forecasts,” it said.
“The tax system is relatively inefficient with a comparatively large share of direct taxes,” it said. The next highest paid group were the nation’s 125 ear, nose and throat surgeons. Of this group, the 102 men had an average income of $509,428 compared to the 23 women with an average $287,130.
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