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!
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.