| |
|
Present tax payable
(Exemption level: $314,000) |
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 |
440 |
0.1 |
- |
- |
440 |
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 disabled dependant, the dependent parent / grandparent and
the additional dependent parent / grandparent allowances. |
| (1) |
360,000 |
1,880 |
0.5 |
- |
- |
1,880 |
100.0 |
|
384,000
|
4,400
|
1.1
|
-
|
-
|
4,400
|
100.0
|
| |
408,000 |
8,000 |
2.0 |
240 |
0.1 |
7,760 |
97.0 |
|
| |
432,000 |
12,800 |
3.0 |
770 |
0.2 |
12,030 |
94.0 |
|
| |
456,000 |
17,600 |
3.9 |
2,450 |
0.5 |
15,150 |
86.1 |
|
| |
480,000 |
22,400 |
4.7 |
4,830 |
1.0 |
17,570 |
78.4 |
|
| |
504,000 |
27,200 |
5.4 |
7,860 |
1.6 |
19,340 |
71.1 |
|
| |
552,000 |
36,800 |
6.7 |
16,020 |
2.9 |
20,780 |
56.5 |
|
| |
600,000 |
46,400 |
7.7 |
24,180 |
4.0 |
22,220 |
47.9 |
|
| |
648,000 |
56,000 |
8.6 |
32,340 |
5.0 |
23,660 |
42.3 |
Taxpayers earning more than $396,000
but less than $3,891,000 will have reduced tax liabilities a result
of the increases in the married person's, the child, the disabled dependant,
the dependent parent / grandparent allowances and the additional dependent parent / grandparent
allowances and the revision of the marginal tax bands and rates. |
| |
696,000 |
65,600 |
9.4 |
40,500 |
5.8 |
25,100 |
38.3 |
| |
744,000 |
75,200 |
10.1 |
48,660 |
6.5 |
26,540 |
35.3 |
| |
792,000 |
84,800 |
10.7 |
56,820 |
7.2 |
27,980 |
33.0 |
| |
840,000 |
94,400 |
11.2 |
64,980 |
7.7 |
29,420 |
31.2 |
| |
888,000 |
104,000 |
11.7 |
73,140 |
8.2 |
30,860 |
29.7 |
| |
936,000 |
113,600 |
12.1 |
81,300 |
8.7 |
32,300 |
28.4 |
| |
984,000 |
123,200 |
12.5 |
89,460 |
9.1 |
33,740 |
27.4 |
|
| |
1,032,000 |
132,800 |
12.9 |
97,620 |
9.5 |
35,180 |
26.5 |
|
| |
1,080,000 |
142,400 |
13.2 |
105,780 |
9.8 |
36,620 |
25.7 |
|
| |
1,176,000 |
161,600 |
13.7 |
122,100 |
10.4 |
39,500 |
24.4 |
|
| |
1,272,000 |
180,800 |
14.2 |
138,420 |
10.9 |
42,380 |
23.4 |
|
| |
1,368,000 |
200,000 |
14.6 |
154,740 |
11.3 |
45,260 |
22.6 |
|
| (2) |
1,472,000 |
220,800 |
15.0 |
172,420 |
11.7 |
48,380 |
21.9 |
|
| |
1,512,000 |
226,800 |
15.0 |
179,220 |
11.9 |
47,580 |
21.0 |
|
| (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 |
- |
- |
|
