- 57 -
(308*854)
SPB CON
Present tax payable (Exemption level: $50,364)
PARENT ALLAMANCES, REDUCTION IN THE STANDARD KATE AND Revision or 115 MARGINAL TAX RATES WILL HAVE ON SALARIES TAX AT VARIOUS INCOME LEVELS
Single person, with two dependent parents
Proposed tax payable (Exemption level: $54,182)
Annual income
**
Remarks
Effective
Effective
Tax saving
Amount
rate
Amount
rate
(A)
(B)
(A) - (B)
($) - E
($)
(%)
($)
(%)
($)
(%)
54,000
200
0.4
200
100.0
This group receives full benefit from the increase in personal allowance.
56,000
310
0.6
60
0.1
250
80.6
58,000
420
0.7
126
0.2
294
70.0
This group receives partial benefit from the
60,000
560
0.9
192
0.3
368
65.7
72,000
2,070
2.9
876
1.2
1,194
57.7
increase in personal allowance but the full benefit of the revision to the marginal tax rates.
84,000
4,050
4.8
2,136
2.5
1,914
47.3
96,000
6,300
6.6
3,900
4.1
2,400
38.1
105,000
8,100
7.7
5,562
5.3
2,538
31.3
106,000
8,300
7.8
5,760
5.4
2,540
30.6
120,000
11,750
9.8
8,650
7.2
3,100
26.4
132,000
14,750
11.2
11,650
8.8
3,100
21.0
144,000
17,750
12.3
14,650
10.2
3,100
17.5
156,000
20,750
13.3
17,650
11.3
3,100
14.9
168,000
23,750
14.1
20,650
12.3
3,100
13.1
This group receives no benefit from the increase in personal allowance but the full benefit of the revision to the marginal tax rates.
180,000
26,750
14.9
23,650
13.1
3,100
11.6
192,000
29,750
15.5
26,650
13.9
1
3,100
10.4
204,000
32,750
16.1
29,650
14.5
3,100
9.5
(214,706)
35,426
16.5
32,326
15.1
3,100
8.8
(224,737),
37,081
16.5
34,834
15.5
2,247
6.1
Standard rate taxpayers.