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Tax Cuts
With the first Federal Budget under the Rudd Government announced, income tax cuts show an average earner will save $20 a week. The cuts take effect from July 1 and form part of the government's $55 billion "working families support package" - a key element of Treasurer Wayne Swan's first budget.
The following tables show the tax cuts and the new tax scales. To work out your income tax liability according to the ATO's personal income tax scales, use our Income Tax Calculator.
WEEKLY SAVINGS FROM TAX CUTS |
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| Annual Taxable income | Swan's tax cuts (per week) | Costello's tax cuts (per week) | From July 1, 2008 (per week) | From July 1, 2009 (per week) |
| $12,000 | $2.88 | $0.00 | $2.88 | $2.88 |
| $13,000 | $5.77 | $0.00 | $5.77 | $5.77 |
| $14,000 | $8.65 | $0.00 | $8.65 | $8.65 |
| $15,000 | $8.65 | $0.00 | $8.65 | $11.54 |
| $20,000 | $8.65 | $0.00 | $8.65 | $11.54 |
| $25,000 | $8.65 | $0.00 | $8.65 | $11.54 |
| $30,000 | $8.65 | $0.00 | $8.65 | $11.54 |
| $35,000 | $20.19 | $0.00 | $20.19 | $25.96 |
| $40,000 | $20.19 | $0.00 | $20.19 | $25.96 |
| $45,000 | $20.19 | $0.00 | $20.19 | $25.96 |
| $50,000 | $19.23 | $0.00 | $19.23 | $25.00 |
| $55,000 | $15.38 | $0.00 | $15.38 | $21.15 |
| $60,000 | $11.54 | $0.00 | $11.54 | $17.31 |
| $65,000 | $11.54 | $0.00 | $11.54 | $14.42 |
| $70,000 | $11.54 | $0.00 | $11.54 | $14.42 |
| $75,000 | $11.54 | $0.00 | $11.54 | $14.42 |
| $80,000 | $11.54 | $9.62 | $21.15 | $24.04 |
| $85,000 | $11.54 | $9.62 | $21.15 | $25.96 |
| $90,000 | $11.54 | $9.62 | $21.15 | $27.88 |
| $95,000 | $11.54 | $9.62 | $21.15 | $29.81 |
| $100,000 | $11.54 | $9.62 | $21.15 | $31.73 |
| $110,000 | $11.54 | $9.62 | $21.15 | $35.38 |
| $120,000 | $11.54 | $9.62 | $21.15 | $39.42 |
| $130,000 | $11.54 | $9.62 | $21.15 | $43.27 |
| $140,000 | $11.54 | $9.62 | $21.15 | $47.12 |
| $150,000 | $11.54 | $9.62 | $21.15 | $50.96 |
| $160,000 | $11.54 | $19.23 | $30.77 | $64.42 |
| $180,000 | $11.54 | $38.46 | $50.00 | $91.35 |
| $200,000 | $11.54 | $38.46 | $50.00 | $91.35 |
| $250,000 | $11.54 | $38.46 | $50.00 | $91.35 |
| $300,000 | $11.54 | $38.46 | $50.00 | $91.35 |
| $350,000 | $11.54 | $38.46 | $50.00 | $91.35 |
| $400,000 | $11.54 | $38.46 | $50.00 | $91.35 |
| $500,000 | $11.54 | $38.46 | $50.00 | $91.35 |
| $1,000,000 | $11.54 | $38.46 | $50.00 | $91.35 |
NEW PERSONAL TAX RATES |
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From July 1, 2007 Taxable income |
Tax rate (%) |
From July 1, 2008 Taxable income |
Tax rate (%) |
From July 1, 2009 Taxable income |
Tax rate (%) |
$0-$6000 |
nil |
$0-$6000 |
nil |
$0-$6000 |
nil |
$6001-$30,000 |
15 |
$6001-$34,000 |
15 |
$6001-$35,000 |
15 |
$30,001-$75,000 |
30 |
$34,001-$80,000 |
30 |
$35,001-$80,000 |
30 |
$75,001-$150,000 |
40 |
$80,001-$180,000 |
40 |
$80,001-$180,000 |
38 |
>$150,000 |
45 |
>$180,000 |
45 |
>$180,000 |
45 |
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