| |
|
Present tax payable
(Exemption level: $308,000) |
Proposed tax payable
(Exemption level: $336,000) |
|
|
|
| |
Annual income |
Amount |
Effective rate |
Amount |
Effective rate |
Tax Saving |
Remarks |
| |
|
(A) |
|
(B) |
|
(A) - (B) |
|
|
|
|
($)
|
($)
|
(%)
|
($)
|
(%)
|
($)
|
(%)
|
All taxpayers earning less than $3,381,000
will benefit from the concessions. |
|
336,000
|
560
|
0.2
|
-
|
-
|
560
|
100.0
|
Taxpayers with incomes not exceeding $336,000
will not be required to pay tax as a result of the increases in the
married person's, the child and the dependent parent / grandparent
allowances. |
| (1) |
360,000 |
2,360 |
0.7 |
480 |
0.1 |
1,880 |
79.7 |
|
| |
384,000 |
5,240 |
1.4 |
1,610 |
0.4 |
3,630 |
69.3 |
|
| |
408,000 |
9,200 |
2.3 |
3,390 |
0.8 |
5,810 |
63.2 |
|
| |
432,000 |
14,000 |
3.2 |
6,270 |
1.5 |
7,730 |
55.2 |
|
| |
456,000 |
18,800 |
4.1 |
9,900 |
2.2 |
8,900 |
47.3 |
|
| |
480,000 |
23,600 |
4.9 |
13,980 |
2.9 |
9,620 |
40.8 |
|
| |
504,000 |
28,400 |
5.6 |
18,060 |
3.6 |
10,340 |
36.4 |
|
| |
552,000 |
38,000 |
6.9 |
26,220 |
4.8 |
11,780 |
31.0 |
|
| |
600,000 |
47,600 |
7.9 |
34,380 |
5.7 |
13,220 |
27.8 |
|
| |
648,000 |
57,200 |
8.8 |
42,540 |
6.6 |
14,660 |
25.6 |
Taxpayers earning more than $336,000
but less than $3,381,000 will have reduced tax liabilities a result
of the increases in the married person's, the
child and the dependent parent / grandparent allowances and the
revision of the marginal tax bands and rates. |
| |
696,000 |
66,800 |
9.6 |
50,700 |
7.3 |
16,100 |
24.1 |
| |
744,000 |
76,400 |
10.3 |
58,860 |
7.9 |
17,540 |
23.0 |
| |
792,000 |
86,000 |
10.9 |
67,020 |
8.5 |
18,980 |
22.1 |
| |
840,000 |
95,600 |
11.4 |
75,180 |
9.0 |
20,420 |
21.4 |
| |
888,000 |
105,200 |
11.8 |
83,340 |
9.4 |
21,860 |
20.8 |
| |
936,000 |
114,800 |
12.3 |
91,500 |
9.8 |
23,300 |
20.3 |
|
| |
984,000 |
124,400 |
12.6 |
99,660 |
10.1 |
24,740 |
19.9 |
|
| |
1,032,000 |
134,000 |
13.0 |
107,820 |
10.4 |
26,180 |
19.5 |
|
| |
1,080,000 |
143,600 |
13.3 |
115,980 |
10.7 |
27,620 |
19.2 |
|
| |
1,176,000 |
162,800 |
13.8 |
132,300 |
11.3 |
30,500 |
18.7 |
|
| |
1,272,000 |
182,000 |
14.3 |
148,620 |
11.7 |
33,380 |
18.3 |
|
| |
1,368,000 |
201,200 |
14.7 |
164,940 |
12.1 |
36,260 |
18.0 |
|
| (2) |
1,448,000 |
217,200 |
15.0 |
178,540 |
12.3 |
38,660 |
17.8 |
|
| |
1,464,000 |
219,600 |
15.0 |
181,260 |
12.4 |
38,340 |
17.5 |
|
| (3) |
3,381,000 |
507,150 |
15.0 |
507,150 |
15.0 |
|
|
Taxpayers earning $3,381,000 or more will pay tax at the standard rate. |
| |
3,456,000 |
518,400 |
15.0 |
518,400 |
15.0 |
|
|
|
