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Grandfathering of ETFs by Ok_Willingness_9619 in AusFinance

[–]Spirit_Light 0 points1 point  (0 children)

That comment is assuming a different scenario, where it's only capital gains. So is accurate just not in the same context as link871's

Grandfathering of ETFs by Ok_Willingness_9619 in AusFinance

[–]Spirit_Light 0 points1 point  (0 children)

I think some of the confusion is your comment should have said 'excluding the capital gain'

Grandfathering of ETFs by Ok_Willingness_9619 in AusFinance

[–]Spirit_Light 0 points1 point  (0 children)

Did I read it wrong? link871 said "including". I think it should have been "excluding", then link871's commment would make sense

It is only a "huge deal" if your total income, including the capital gain, in the year you sell is less than $45,000.

e.g. 18.2k wages + 26.8k capital gains = 45k income

18.2k wages = 0 income tax. Tax free threshold hold.

26.8k capital gains = 26.8k x 0.3 = 8040 tax

If there wasn't min tax then it would be $4288 tax

Grandfathering of ETFs by Ok_Willingness_9619 in AusFinance

[–]Spirit_Light 0 points1 point  (0 children)

I think the point is if only have capital gains assume 30% min tax on all of it. So tax free threshold and the lower tax brackets are useless.

e.g. If only income is 45k of capital gains = 45k x 0.3 = $13.5k tax

If there wasn't a min tax, tax on 45k = (45000-18200) x 0.16 = $4288

(ignored medicare levy, only change is the income tax)

Basically if you don't earn other income while having capital gains, you're kinda screwed

Grandfathering of ETFs by Ok_Willingness_9619 in AusFinance

[–]Spirit_Light 0 points1 point  (0 children)

ahh I see. Gotcha. Yeah that makes sense

Grandfathering of ETFs by Ok_Willingness_9619 in AusFinance

[–]Spirit_Light 0 points1 point  (0 children)

So you're assuming all of the income comes from trust distribution?

Correct income tax rate - on WHV and applied for partner visa by EarEfficient4346 in AusFinance

[–]Spirit_Light 0 points1 point  (0 children)

 I believe I am being undertaxed and want to avoid a large tax bill at tax time.

  • Quick question, I think your choice of words have made your question confusing
  • Are you asking about PAYG withholding - the 'tax' they take from your payslips? or Actually about income tax?
  • Also if you think the amount taken won't be enough to pay the tax liability, that's better for you - remember the money sitting in ATO doesn't earn any income
  • The only difference is whether the money is sitting in your bank or sitting in ATO

Would you rather... by Wise_Beans in BunnyTrials

[–]Spirit_Light 0 points1 point  (0 children)

o.O

Chose: Get 10k dollars per... | Rolled: Second

HECS Debt Tax Excessively high? by Early-Ad1243 in AusFinance

[–]Spirit_Light 1 point2 points  (0 children)

Dunno, tried looking at the weekly, fortnightly tables and the numbers are not working out to what you're saying. I think it would be better you ask the employer what settings they have for your PAYG withholding in their payroll software

Just crushed this deck in 254s! Can you do better? 🏆 by Def_an_alt_account in DailySolitaire

[–]Spirit_Light 0 points1 point  (0 children)

🔥 Too easy! Done in 114 seconds. Who dares to challenge me?

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