| |
|
Present tax payable
(Exemption level: $324,000) |
Proposed tax payable
(Exemption level: $396,000) |
|
|
|
| |
Annual income |
Amount |
Effective rate |
Amount |
Effective rate |
Tax Saving |
Remarks |
| |
|
(A) |
|
(B) |
|
(A) - (B) |
|
|
|
|
($)
|
($)
|
(%)
|
($)
|
(%)
|
($)
|
(%)
|
All taxpayers earning less than $3,891,000
will benefit from the concessions. |
| |
336,000 |
240 |
0.1 |
- |
- |
240 |
100.0 |
Taxpayers with incomes not exceeding $396,000
will not be required to pay tax as a result of the increases in the
married person's, the child, the dependent parent / grandparent and
the additional dependent parent / grandparent allowances. |
| (1) |
360,000 |
1,080 |
0.3 |
- |
- |
1,080 |
100.0 |
|
384,000
|
3,000
|
0.8
|
-
|
-
|
3,000
|
100.0
|
| |
408,000 |
6,360 |
1.6 |
240 |
0.1 |
6,120 |
96.2 |
|
| |
432,000 |
10,800 |
2.5 |
770 |
0.2 |
10,030 |
92.9 |
|
| |
456,000 |
15,600 |
3.4 |
2,450 |
0.5 |
13,150 |
84.3 |
|
| |
480,000 |
20,400 |
4.3 |
4,830 |
1.0 |
15,570 |
76.3 |
|
| |
504,000 |
25,200 |
5.0 |
7,860 |
1.6 |
17,340 |
68.8 |
|
| |
552,000 |
34,800 |
6.3 |
16,020 |
2.9 |
18,780 |
54.0 |
|
| |
600,000 |
44,400 |
7.4 |
24,180 |
4.0 |
20,220 |
45.5 |
|
| |
648,000 |
54,000 |
8.3 |
32,340 |
5.0 |
21,660 |
40.1 |
|
| |
696,000 |
63,600 |
9.1 |
40,500 |
5.8 |
23,100 |
36.3 |
Taxpayers earning more than $396,000
but less than $3,891,000 will have reduced tax liabilities as a result
of the increases in the married person's, the child, the dependent
parent / grandparent and the additional dependent parent / grandparent
allowances and the revision of the marginal tax bands and rates. |
| |
744,000 |
73,200 |
9.8 |
48,660 |
6.5 |
24,540 |
33.5 |
| |
792,000 |
82,800 |
10.5 |
56,820 |
7.2 |
25,980 |
31.4 |
| |
840,000 |
92,400 |
11.0 |
64,980 |
7.7 |
27,420 |
29.7 |
| |
888,000 |
102,000 |
11.5 |
73,140 |
8.2 |
28,860 |
28.3 |
| |
936,000 |
111,600 |
11.9 |
81,300 |
8.7 |
30,300 |
27.2 |
| |
984,000 |
121,200 |
12.3 |
89,460 |
9.1 |
31,740 |
26.2 |
| |
1,032,000 |
130,800 |
12.7 |
97,620 |
9.5 |
33,180 |
25.4 |
|
| |
1,080,000 |
140,400 |
13.0 |
105,780 |
9.8 |
34,620 |
24.7 |
|
| |
1,176,000 |
159,600 |
13.6 |
122,100 |
10.4 |
37,500 |
23.5 |
|
| |
1,272,000 |
178,800 |
14.1 |
138,420 |
10.9 |
40,380 |
22.6 |
|
| |
1,368,000 |
198,000 |
14.5 |
154,740 |
11.3 |
43,260 |
21.8 |
|
| |
1,464,000 |
217,200 |
14.8 |
171,060 |
11.7 |
46,140 |
21.2 |
|
| (2) |
1,512,000 |
226,800 |
15.0 |
179,220 |
11.9 |
47,580 |
21.0 |
|
| |
1,560,000 |
234,000 |
15.0 |
187,380 |
12.0 |
46,620 |
19.9 |
|
| (3) |
3,891,000 |
583,650 |
15.0 |
583,650 |
15.0 |
- |
- |
Taxpayers earning $3,891,000 or more will
pay tax at the standard rate. |
| |
3,936,000 |
590,400 |
15.0 |
590,400 |
15.0 |
- |
- |
|
