1
SECOND COLUMN
(a) Upon the first $10,000
THIRD COLUMN
5 per cent.
(b) Upon the next $10,000
10 per cent.
(c)
(a)
A
do
15 per cent.
do
20 per cent.
(e) Upon the remainder
25 per cent.
11
Explanatory Memorandum
This Bill implements the proposals in the
1979 Budget to amend the terms of the supplementary
personal allowances for salaries and personal assessment
tax payers introduced in 1977, and the maximum marginal
rate of salaries and personal assessment tax.
The effect of clause 2 is that the supplementary
personal allowances will be reduced by 10 per cent,
instead of 15 per cent, of the amount by which the
taxpayer's net chargeable income exceeds $25,000, in the case of a married person, or $12,500 in the case
of any other person.
Clause 3 amends the Second Schedule to provide
for a new maximum rate for salaries tax assessments and
for personal assessments.
At present the highest rate
of tax payable is 30 per cent which is levied on net
chargeable income over $50,000.
The amendment makes