If you’re a married woman or you’re still in the workforce, there’s some bad news ahead.
In the latest figures released by the Organisation for Economic Cooperation and Development (OECD) reveal that married Australian women are disadvantaged by the tax system, while those in the workforce are giving an extra 2.5 days a year to pay off their income taxes and superannuation.
If you fall into both categories, well…
While Australia is regarded as one of the lowest countries with an overall tax burden (Belgium tops the list, paying 42 per cent of their salaries back to the government in income tax and social security in the last financial year), it is climbing the ladder with alarming speed.
The highest increase in overall tax burdens was recorded in Australia, Luxemborg, Israel, Italy and Portugal, the OECD Taxing Wages 2016 report says.
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With the Federal Government considering several amendments to tax in the upcoming budget, there are calls for women to receive personal tax cuts and more generous benefits so that they will be encouraged to get back into the workforce.
Though with it taking almost 104 days before employees are effectively receiving the full results of their work, it’s unclear why women would want to.
The other big loser, especially if you are in New Zealand, is the childless single worker.
Are you concerned about what the Federal government will do with the budget? Do you think the Australian tax system needs an overhaul?