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Income
Tax Rates for Individuals
The Government released
details of its 2008/2009 Budget on the evening of 13 May 2008 which
proposed the following income tax rates for future
years. These are
consistent with previous promises.
2007/08 -
unchanged
| Taxable Income |
Tax Payable |
| $0 - $6,000 |
Nil |
| $6,001 - $30,000 |
Nil + 15% of excess over
$6,000 |
| $30,001 - $75,000 |
$3,600 + 30% of excess over
$30,000 |
| $75,001 - $150,000 |
$17,100 + 40% of excess over
$75,000 |
| $150,001 + |
$47,100 + 45% of excess over
$150,000 |
2008/09
| Taxable Income |
Tax Payable |
| $0 - $6,000 |
Nil |
| $6,001 - $34,000 |
Nil + 15% of excess over
$6,000 |
| $34,001 - $80,000 |
$4,200 + 30% of excess over
$34,000 |
| $80,001 - $180,000 |
$18,000 + 40% of excess over
$80,000 |
| $180,001 + |
$58,000 + 45% of excess over
$180,000 |
2009/10
| Taxable Income |
Tax Payable |
| $0 - $6,000 |
Nil |
| $6,001 - $35,000 |
Nil + 15% of excess over
$6,000 |
| $35,001 - $80,000 |
$4,350 + 30% of excess over
$35,000 |
| $80,001 - $180,000 |
$17,850 + 38% of excess over
$80,000 |
| $180,001 + |
$55,850 + 45% of excess over
$180,000 |
2010/11
| Taxable Income |
Tax Payable |
| $0 - $6,000 |
Nil |
| $6,001 - $37,000 |
Nil + 15% of excess over
$6,000 |
| $37,001 - $80,000 |
$4,650 + 30% of excess over
$37,000 |
| $80,001 - $180,000 |
$17,550 + 37% of excess over
$80,000 |
| $180,001 + |
$54,550 + 45% of excess over
$180,000 |
The low income tax offsets
which starts to phase out at income of $30,000 is proposed at the
following amounts.
- 2007/08 -
$750
- 2008/09 -
$1,200
- 2009/10 -
$1,350
- 2010/11 -
$1,500
This will mean that no income
tax will be payable in these years at individual income tax level
below $14,000 in 2008/09, $15,000 in 2009/10 and $16,000 in
2010/2011.
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