| |
|
Present tax payable
(Exemption level: $200,000) |
Proposed tax payable
(Exemption level: $216,000) |
|
|
|
| |
Annual income |
Amount |
Effective rate |
Amount |
Effective rate |
Tax Saving |
Remarks |
| |
|
(A) |
|
(B) |
|
(A) - (B) |
|
|
|
|
($)
|
($)
|
(%)
|
($)
|
(%)
|
($)
|
(%)
|
All taxpayers earning less than $2,361,000
will benefit from the concessions. |
|
216,000
|
320
|
0.1
|
-
|
-
|
320
|
100.0
|
Taxpayers with incomes not exceeding $216,000 will not be required
to pay tax as a result of the increases in the married person's allowance. |
| (1) |
224,000 |
480 |
0.2 |
160 |
0.1 |
320 |
66.7 |
|
| |
240,000 |
1,400 |
0.6 |
480 |
0.2 |
920 |
65.7 |
|
| |
264,000 |
3,560 |
1.3 |
1,610 |
0.6 |
1,950 |
54.8 |
|
| |
288,000 |
6,920 |
2.4 |
3,390 |
1.2 |
3,530 |
51.0 |
|
| |
312,000 |
11,600 |
3.7 |
6,270 |
2.0 |
5,330 |
45.9 |
|
| |
336,000 |
16,400 |
4.9 |
9,900 |
2.9 |
6,500 |
39.6 |
|
| (2) |
360,000 |
21,200 |
5.9 |
13,980 |
3.9 |
7,220 |
34.1 |
|
| |
384,000 |
26,000 |
6.8 |
18,060 |
4.7 |
7,940 |
30.5 |
|
| |
408,000 |
30,800 |
7.5 |
22,140 |
5.4 |
8,660 |
28.1 |
|
| |
432,000 |
35,600 |
8.2 |
26,220 |
6.1 |
9,380 |
26.3 |
|
| |
456,000 |
40,400 |
8.9 |
30,300 |
6.6 |
10,100 |
25.0 |
Taxpayers earning more than $216,000
but less than $2,361,000 will have reduced tax liabilities a
result of the increase in the married person's as allowance
and the revision of the marginal tax bands and rates. |
| |
480,000 |
45,200 |
9.4 |
34,380 |
7.2 |
10,820 |
23.9 |
| |
504,000 |
50,000 |
9.9 |
38,460 |
7.6 |
11,540 |
23.1 |
| |
552,000 |
59,600 |
10.8 |
46,620 |
8.4 |
12,980 |
21.8 |
| |
600,000 |
69,200 |
11.5 |
54,780 |
9.1 |
14,420 |
20.8 |
| |
648,000 |
78,800 |
12.2 |
62,940 |
9.7 |
15,860 |
20.1 |
|
| |
696,000 |
88,400 |
12.7 |
71,100 |
10.2 |
17,300 |
19.6 |
|
| |
744,000 |
98,000 |
13.2 |
79,260 |
10.7 |
18,740 |
19.1 |
|
| |
792,000 |
107,600 |
13.6 |
87,420 |
11.0 |
20,180 |
18.8 |
|
| |
840,000 |
117,200 |
14.0 |
95,580 |
11.4 |
21,620 |
18.4 |
|
| |
888,000 |
126,800 |
14.3 |
103,740 |
11.7 |
23,060 |
18.2 |
|
| |
936,000 |
136,400 |
14.6 |
111,900 |
12.0 |
24,500 |
18.0 |
|
| |
984,000 |
146,000 |
14.8 |
120,060 |
12.2 |
25,940 |
17.8 |
|
| (3) |
1,016,000 |
152,400 |
15.0 |
125,500 |
12.4 |
26,900 |
17.7 |
|
| |
1,032,000 |
154,800 |
15.0 |
128,220 |
12.4 |
26,580 |
17.2 |
|
| (4) |
2,361,000 |
354,150 |
15.0 |
354,150 |
15.0 |
- |
- |
Taxpayers earning $2,361,000 or more will pay tax at the standard rate. |
| |
2,400,000 |
360,000 |
15.0 |
360,000 |
15.0 |
- |
- |
|
