How much tax are Aussies paying?

How much tax are Aussies paying? from Adams Accounting

By: Adams Accounting  18-Aug-2014
Keywords: Tax, Accounting & Bookkeeping Services, Tax Accounting

Given we are in the middle of tax season have you ever wondered how much tax Aussies are paying compared to other developed nations? Thankfully the nerdy staff over at the Organisation for Economic Co-operation and Development (OECD) have compiled a list of its member countries using total tax revenue as a percentage of their national gross domestic production (GDP). (Figures based on 2012 or latest available year) The result is quite favorable; Australia is the fourth-lowest taxed nation of the 34 OECD members measuring in at 26.5%. Only the USA (24.3%), Chile (20.8%) and Mexico (19.7%) are lower. At the higher end of the spectrum Denmark (48%), France (45.3%) and Italy (44.4%) are well above the average OECD rate of 34.6%. So next time you think we’re hard done by, think of the unlucky taxpayer’s in Denmark! Full report. http://stats.oecd.org/Index.aspx?DataSetCode=REV Now the fun part, how long does it take to earn a 500ml local beer? Swiss bank UBS surveyed 27 countries, using the national median wage and the price of a standard 500ml beer in their country, the average time being 20min work. It’d take Australians in the ‘lucky country’ 12min to earn their 500ml of liquid gold. However this is topped by Germany & France (10min) China (8min) and USA (5min). The unluckier countries include some of the hottest, India (53min) Philippines (38min) Nigeria (29min) and Vietnam (28min). We’ll be posting blogs every second Monday from now on covering all things accounting, finance and a little bit of fun.

Keywords: Accounting & Bookkeeping, Accounting & Bookkeeping Services, Accounting & Tax Services, Book Keeping, Bookkeeping and Payroll, Bookkeeping Service, Bookkeeping Services, Business Accountants, Business Bookkeeping, Business Planning, Chartered Accountant, Chartered Accountants, Financial Advice, Financial Planner, Financial Strategies, Income Tax Returns, Investment Advice, Investment Strategy, Public Accountants, Registered Tax Agent, Retirement Planning, Self Managed Super Funds, Self Managed Superannuation, Self Managed Superannuation Funds, Tax, Tax Accountants, Tax Accounting, Tax Advice, Tax Agent, Tax Consultants, Tax Preparation, Tax Return Accountant, Tax Services, Taxation Services

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