Did you know that the amount you can earn in Australia before you pay tax is now $18,200? Yes, an amazing $18,200 - that’s $350 per week, $700 a fortnight or $1,517 a month. Yes, the rates for higher levels of income may be more, but that's pretty damn good for the low or averagely paid, don't you think?
In the UK, you can enjoy income of £12,500 before you pay any tax, unless you’re over 65, in which case the tax free amount is even higher. $12,500 is roughly NZ $25,000.
Even in little old Papua New Guinea, where I’ve done some business mentoring trips, it’s Kina 10,000 (about NZ $4,500) which means the typical worker there, pays no tax at all.
You know where this is going now right? Yes, because here in New Zealand we pay tax on every $ we earn, hang on no, on every cent we earn, yes every rotten cent. All suffer the same - the poor, little old ladies supplementing their NZ superannuation, part-timers earning a few hundred $ to buy treats, and now even schoolchildren have had their tax free allowance taken away!
Why are we different? What do they do with all our tax money? Certainly makes you think that you should do all you can to pay the minimum, doesn’t it?
If you need help to reduce your taxes, contact Nick on 021 225 NICK or via nick@abnr.co.nz.
