Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003 (45 of 2003)
Schedule 1 Amendments
Income Tax Rates Act 1986
4 Clause 1 of Part I of Schedule 7 (table)
Repeal the table, substitute:
|
Tax rates for resident taxpayers |
||
|
Item |
For the part of the ordinary taxable income of the taxpayer that: |
The rate is: |
|
1 |
exceeds $6,000 but does not exceed $21,600 |
17% |
|
2 |
exceeds $21,600 but does not exceed $52,000 |
30% |
|
3 |
exceeds $52,000 but does not exceed $62,500 |
42% |
|
4 |
exceeds $62,500 |
47% |