2008-09 2009-10
Current tax thresholds from 1 July 2008 tax thresholds Income range ($) | Tax rate% | New tax thresholds from 1 July 2009 tax thresholds Income range ($) | Tax rate% |
0 – 6,000 | 0 | 0 – 6,000 | 0 |
6,001 – 34,000 | 15 | 6,001 – 35,000 | 15 |
34,001 – 80,000 | 30 | 35,001 – 80,000 | 30 |
80,001 – 180,000 | 40 | 80,001 – 180,000 | 38 |
180,000 + | 45 | 180,000 + | 45 |
For 2009-10, the upper threshold for the Low Income Tax Ofset will increase from $60,000 to $63,750, and from 1 July 2010, to $67,500. The maximum Low Income Tax Offset is $1,350 for the 2009/10 year up from $1,200 for 2008/09.
Tax savings for various income ranges is as follows:
Gross Income | 2008/09 tax | 2009/10 tax | Saving |
$20,000 | $900 | $750 | $150 |
$40,000 | $5,200 | $4,900 | $300 |
$60,000 | $12,000 | $11,700 | $300 |
$80,000 | 418,000 | $17,850 | $150 |
$100,000 | $26,000 | $25,450 | $550 |
$120,000 | $34,000 | $33,050 | $950 |
$140,000 | $42,000 | $40,650 | $1,350 |
$160,000 | $50,000 | $48,250 | $1,750 |
$180,000 | $58,000 | $55,850 | $2,150 |
$200,000 | $67,000 | $64,850 | $2,150 |