Economic

Taxable income bracket

Taxable income Tax Rates Proportion of population bracket in tax bracket (%) $1 - $18.200 Nil 10 $18,201 - $45,000 19 cents for each $1 over 20 $18,200 $45,001 - 32.5 cents for each $1 over $120,000 $45,000 $120,001 - 37 cents for each $1 over 10 $180,000 $120,000 $180,001 and over 45 cents for each $1 over 15 $180,000 O Increase the tax rate at the 4th taxable income bracket from 37 cents to 40 cents. O Decrease the tax rate at the 5th taxable income bracket from 45 cents to 42 cents. O Increase the income level at which the 4th taxable income bracket starts to apply from $120,001 to $150,001 O Decrease the income level at which the 2nd taxable income bracket starts from $18,201 to $16,001