Changes to personal income tax rates and thresholds… Please Read On!

Posted by George Mihos
March 17, 2008

The Government has introduced a Bill to Parliament to reduce personal income tax rates and increase thresholds. The tables below show the current income tax rates and thresholds and the new rates and thresholds that will apply from 1 July 2008. 

Resident Individual – 2007/08 

Taxable Income                           Tax Payable

  1. $ 0 - $6,000.                      Nil
  2. $6,001. – $30,000.              15% of excess over $6,000.
  3. $30,001. – $75,000.             $3,600. + 30% of excess over $30,000.
  4. $75,001. – $150,000.           $17,100. + 40% of excess over $75,000.
  5. $150,001. +                       $47,100. + 45% of excess over $150,000.

Resident Individual – 2008/09 

Taxable Income                     Tax Payable

  1. $0 - $6,000.                      Nil
  2. $6,001. – $34,000.              15% of excess over $6,000.
  3. $34,001. – $80,000.             $4,200 + 30% of excess over $34,000.
  4. $80,001. – $180,000.           $18,000. + 40% of excess over $80,000.
  5. $180,001. +                       $58,000. + 45% of excess over $180,000.

Want to know more? YES 

Call my personal number on 1300 883 618 and/or email me at george@georgemihos.com letting me know that you are serious about obtaining more information and/or attending one of my upcoming workshops. 

Remember… Live with Passion & Take Massive Action… or go and build an ant farm… either way, I dare you! 

With Ethics and Passion – George Mihos 

Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. www.georgemihos.com The destination for financial intelligence, investment education, mentorship and Peak Performance Coaching for ordinary people determined to achieve extraordinary financial freedom and Results… AND once again - before I go on as always, I’m not offering any financial advice; you should always get qualified professional advice when making financial decisions. What I am doing is letting you know what has worked for me and what I may be looking at and giving you the opportunity to check it out for yourself.

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