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wangcg3215
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Sh33py, post: 51044 wrote:
Hi thank you for responding.

The products I sell are GST items. I am looking into an accountant this week, Would people who deal with BAS be able to clarify all of this for me?. I do consider tax as not my money but I would love to know how much of the money is not mine. I have kept all receipts filed respectfully and all spreadsheets and other documents are accounted for. My concern really is the 45%. I guess if this is true this is a sacrifice I will have to make until my business is firmly rooted in the ground. I was thinking if I were to take a look at where the business is heading after it has paid for itself, would it be a good idea to decide whether I should quit my job and continue pursuing my business. What do you think?.

I am more than willing to take the plunge right now but I promised my partner as it is a great financial risk, although I am a person that likes to just do things and see how it goes because you won’t know until you have done it.

Hi Adam,

It really depends on your total income (see http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm). For example, if your total income from your main job and second job or buisiness is higher than $180,000, you must pay 45% tax. More details, you should consult your accountant. Hope help you.

Regards,

Stephen

Individual income tax rates

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Residents

These rates apply to individuals who are residents of Australia for tax purposes (see Residency – overview for more information).

Tax rates 2009–10

Taxable income

Tax on this income

0 – $6,000

Nil

$6,001 – $35,000

15c for each $1 over $6,000

$35,001 – $80,000

$4,350 plus 30c for each $1 over $35,000

$80,001 – $180,000

$17,850 plus 38c for each $1 over $80,000

$180,001 and over

$55,850 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 1.5% (read Medicare levy reduction or exemption for more information).

Tax offsets reduce the tax payable. Tax offsets based on taxable income levels apply to a range of circumstances. For more information read About tax offsets.

Attention icon

The following rates for 2010–11 apply from 1 July 2010.

Tax rates 2010–11

Taxable income

Tax on this income

0 – $6,000

Nil

$6,001 – $37,000

15c for each $1 over $6,000

$37,001 – $80,000

$4,650 plus 30c for each $1 over $37,000

$80,001 – $180,000

$17,550 plus 37c for each $1 over $80,000

$180,001 and over

$54,550 plus 45c for each $1 over $180,000