An interesting article by Tony Negline in 'selfmanagedsuper' about the 'real' average rate of tax that we pay and what it means for the $1.6m transfer balance cap.
Key takeaway points from the article:
- You need personal income of more than $1.7m to be paying an AVERAGE of 49% tax on your total income.
- You need personal income of $43,350 to have an average of 15% tax on that income, this equates to approx $1.46m of term deposits paying 3% interest.
To access the article click on the image below...