| |
|
Present tax payable
(Exemption level: $229,000) |
Proposed tax payable
(Exemption level: $276,000) |
|
|
|
| |
Annual income |
Amount |
Effective rate |
Amount |
Effective rate |
Tax Saving |
Remarks |
| |
|
(A) |
|
(B) |
|
(A) - (B) |
|
|
|
|
($)
|
($)
|
(%)
|
($)
|
(%)
|
($)
|
(%)
|
All taxpayers earning less than $2,871,000 will
benefit from the concessions. |
| |
240,000 |
220 |
0.1 |
- |
- |
220 |
100.0 |
Taxpayers with incomes not exceeding $276,000
will not be required to pay tax as a result of the increases in the basic, the child and the single
parent allowances. |
|
264,000
|
1,000
|
0.4
|
-
|
-
|
1,000
|
100.0
|
| |
288,000 |
2,920 |
1.0 |
240 |
0.1 |
2,680 |
91.8 |
|
| |
312,000 |
6,220 |
2.0 |
770 |
0.2 |
5,450 |
87.6 |
|
| |
336,000 |
10,600 |
3.2 |
2,450 |
0.7 |
8,150 |
76.9 |
|
| (1) |
360,000 |
15,400 |
4.3 |
4,830 |
1.3 |
10,570 |
68.6 |
|
| |
384,000 |
20,200 |
5.3 |
7,860 |
2.0 |
12,340 |
61.1 |
|
| |
408,000 |
25,000 |
6.1 |
11,940 |
2.9 |
13,060 |
52.2 |
|
| |
432,000 |
29,800 |
6.9 |
16,020 |
3.7 |
13,780 |
46.2 |
|
| |
456,000 |
34,600 |
7.6 |
20,100 |
4.4 |
14,500 |
41.9 |
|
| |
480,000 |
39,400 |
8.2 |
24,180 |
5.0 |
15,220 |
38.6 |
|
| |
504,000 |
44,200 |
8.8 |
28,260 |
5.6 |
15,940 |
36.1 |
Taxpayers earning more than $276,000
but less than $2,871,000 will have reduced tax liabilities as a result of
the increases in the basic, the child and the single parent allowances and the
revision of the marginal tax bands and rates. |
| |
552,000 |
53,800 |
9.7 |
36,420 |
6.6 |
17,380 |
32.3 |
| |
600,000 |
63,400 |
10.6 |
44,580 |
7.4 |
18,820 |
29.7 |
| |
648,000 |
73,000 |
11.3 |
52,740 |
8.1 |
20,260 |
27.8 |
| |
696,000 |
82,600 |
11.9 |
60,900 |
8.8 |
21,700 |
26.3 |
| |
744,000 |
92,200 |
12.4 |
69,060 |
9.3 |
23,140 |
25.1 |
|
| |
792,000 |
101,800 |
12.9 |
77,220 |
9.8 |
24,580 |
24.1 |
|
| |
840,000 |
111,400 |
13.3 |
85,380 |
10.2 |
26,020 |
23.4 |
|
| |
888,000 |
121,000 |
13.6 |
93,540 |
10.5 |
27,460 |
22.7 |
| |
936,000 |
130,600 |
14.0 |
101,700 |
10.9 |
28,900 |
22.1 |
|
| |
984,000 |
140,200 |
14.2 |
109,860 |
11.2 |
30,340 |
21.6 |
|
| |
1,032,000 |
149,800 |
14.5 |
118,020 |
11.4 |
31,780 |
21.2 |
|
| |
1,080,000 |
159,400 |
14.8 |
126,180 |
11.7 |
33,220 |
20.8 |
|
| (2) |
1,132,000 |
169,800 |
15.0 |
135,020 |
11.9 |
34,780 |
20.5 |
|
| |
1,176,000 |
176,400 |
15.0 |
142,500 |
12.1 |
33,900 |
19.2 |
|
| (3) |
2,871,000 |
430,650 |
15.0 |
430,650 |
15.0 |
- |
- |
Taxpayers earning $2,871,000 or more will pay tax at the standard rate. |
| |
2,880,000 |
432,000 |
15.0 |
432,000 |
15.0 |
- |
- |
|
