| |
|
Present tax payable
(Exemption level: $154,000) |
Proposed tax payable
(Exemption level: $168,000) |
|
|
|
| |
Annual income |
Amount |
Effective rate |
Amount |
Effective rate |
Tax Saving |
Remarks |
| |
|
(A) |
|
(B) |
|
(A) - (B) |
|
|
|
|
($)
|
($)
|
(%)
|
($)
|
(%)
|
($)
|
(%)
|
All taxpayers earning less than $1,953,000 will benefit from the concessions. |
|
168,000
|
280
|
0.2
|
-
|
-
|
280
|
100.0
|
Taxpayers with incomes not exceeding $168,000 will
not be required to pay tax as a result of the increases in the basic and
the dependent parent /grandparent allowances. |
| |
180,000 |
520 |
0.3 |
240 |
0.1 |
280 |
53.8 |
|
| |
192,000 |
1,240 |
0.6 |
480 |
0.3 |
760 |
61.3 |
|
| |
204,000 |
2,200 |
1.1 |
770 |
0.4 |
1,430 |
65.0 |
|
| |
216,000 |
3,280 |
1.5 |
1,610 |
0.7 |
1,670 |
50.9 |
|
| (1) |
224,000 |
4,400 |
2.0 |
2,170 |
1.0 |
2,230 |
50.7 |
|
| |
240,000 |
6,640 |
2.8 |
3,390 |
1.4 |
3,250 |
48.9 |
|
| |
264,000 |
11,200 |
4.2 |
6,270 |
2.4 |
4,930 |
44.0 |
|
| |
288,000 |
16,000 |
5.6 |
9,900 |
3.4 |
6,100 |
38.1 |
|
| |
312,000 |
20,800 |
6.7 |
13,980 |
4.5 |
6,820 |
32.8 |
|
| |
336,000 |
25,600 |
7.6 |
18,060 |
5.4 |
7,540 |
29.5 |
|
| (2) |
360,000 |
30,400 |
8.4 |
22,140 |
6.2 |
8,260 |
27.2 |
|
| |
384,000 |
35,200 |
9.2 |
26,220 |
6.8 |
8,980 |
25.5 |
Taxpayers earning more than $168,000
but less than $1,953,000 will have reduced tax liabilities as a result
of the increases in the basic and the dependent parent / grandparent
allowances and the revision of the marginal tax bands and rates. |
| |
408,000 |
40,000 |
9.8 |
30,300 |
7.4 |
9,700 |
24.3 |
| |
432,000 |
44,800 |
10.4 |
34,380 |
8.0 |
10,420 |
23.3 |
| |
456,000 |
49,600 |
10.9 |
38,460 |
8.4 |
11,140 |
22.5 |
| |
480,000 |
54,400 |
11.3 |
42,540 |
8.9 |
11,860 |
21.8 |
| |
504,000 |
59,200 |
11.7 |
46,620 |
9.3 |
12,580 |
21.3 |
|
| |
552,000 |
68,800 |
12.5 |
54,780 |
9.9 |
14,020 |
20.4 |
|
| |
600,000 |
78,400 |
13.1 |
62,940 |
10.5 |
15,460 |
19.7 |
|
| |
648,000 |
88,000 |
13.6 |
71,100 |
11.0 |
16,900 |
19.2 |
|
| |
696,000 |
97,600 |
14.0 |
79,260 |
11.4 |
18,340 |
18.8 |
|
| |
744,000 |
107,200 |
14.4 |
87,420 |
11.8 |
19,780 |
18.5 |
|
| |
792,000 |
116,800 |
14.7 |
95,580 |
12.1 |
21,220 |
18.2 |
|
| (3) |
832,000 |
124,800 |
15.0 |
102,380 |
12.3 |
22,420 |
18.0 |
|
| |
840,000 |
126,000 |
15.0 |
103,740 |
12.4 |
22,260 |
17.7 |
|
| (4) |
1,953,000 |
292,950 |
15.0 |
292,950 |
15.0 |
- |
- |
Taxpayers earning $1,953,000 or more will pay tax at the standard rate. |
| |
1,968,000 |
295,200 |
15.0 |
295,200 |
15.0 |
- |
- |
|
