| |
|
Present tax payable
(Exemption level: $254,000) |
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. |
|
264,000
|
200
|
0.1
|
-
|
-
|
200
|
100.0
|
Taxpayers with incomes not exceeding $276,000
will not be required to pay tax as a result of the increases in the
married person's and the child allowances. |
| |
288,000 |
920 |
0.3 |
240 |
0.1 |
680 |
73.9 |
|
| |
312,000 |
2,840 |
0.9 |
770 |
0.2 |
2,070 |
72.9 |
|
| |
336,000 |
6,080 |
1.8 |
2,450 |
0.7 |
3,630 |
59.7 |
|
| (1) |
360,000 |
10,400 |
2.9 |
4,830 |
1.3 |
5,570 |
53.6 |
|
| |
384,000 |
15,200 |
4.0 |
7,860 |
2.0 |
7,340 |
48.3 |
|
| |
408,000 |
20,000 |
4.9 |
11,940 |
2.9 |
8,060 |
40.3 |
|
| |
432,000 |
24,800 |
5.7 |
16,020 |
3.7 |
8,780 |
35.4 |
|
| |
456,000 |
29,600 |
6.5 |
20,100 |
4.4 |
9,500 |
32.1 |
|
| |
480,000 |
34,400 |
7.2 |
24,180 |
5.0 |
10,220 |
29.7 |
|
| |
504,000 |
39,200 |
7.8 |
28,260 |
5.6 |
10,940 |
27.9 |
|
| |
552,000 |
48,800 |
8.8 |
36,420 |
6.6 |
12,380 |
25.4 |
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 married person's and the child allowances and
the revision of the marginal tax bands and rates. |
| |
600,000 |
58,400 |
9.7 |
44,580 |
7.4 |
13,820 |
23.7 |
| |
648,000 |
68,000 |
10.5 |
52,740 |
8.1 |
15,260 |
22.4 |
| |
696,000 |
77,600 |
11.1 |
60,900 |
8.8 |
16,700 |
21.5 |
| |
744,000 |
87,200 |
11.7 |
69,060 |
9.3 |
18,140 |
20.8 |
| |
792,000 |
96,800 |
12.2 |
77,220 |
9.8 |
19,580 |
20.2 |
|
| |
840,000 |
106,400 |
12.7 |
85,380 |
10.2 |
21,020 |
19.8 |
|
| |
888,000 |
116,000 |
13.1 |
93,540 |
10.5 |
22,460 |
19.4 |
|
| |
936,000 |
125,600 |
13.4 |
101,700 |
10.9 |
23,900 |
19.0 |
|
| |
984,000 |
135,200 |
13.7 |
109,860 |
11.2 |
25,340 |
18.7 |
|
| |
1,032,000 |
144,800 |
14.0 |
118,020 |
11.4 |
26,780 |
18.5 |
|
| |
1,080,000 |
154,400 |
14.3 |
126,180 |
11.7 |
28,220 |
18.3 |
|
| |
1,176,000 |
173,600 |
14.8 |
142,500 |
12.1 |
31,100 |
17.9 |
|
| (2) |
1,232,000 |
184,800 |
15.0 |
152,020 |
12.3 |
32,780 |
17.7 |
|
| |
1,272,000 |
190,800 |
15.0 |
158,820 |
12.5 |
31,980 |
16.8 |
|
| (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 |
- |
- |
|
