Skip to main content
#
A Clear Direction
rss feedour twitterour facebook page linkdin
home
Financial Advisor Brisbane - AdviserScott Keefer - A Clear DirectionBuilding Investment PortfoliosPortfolio Management ServiceUpdated ContentContact Us - Brisbane Financial Planning
A Clear Direction Financial Planning logo

 Financial Happenings Blog 
Tuesday, October 16 2007

Yesterday saw the election campaign start with tax cut promises from the Liberal party.  So what are the details?

 

In 2008-09

  • Low Income Tax free threshold due to the Low Income Tax Offset to rise from $11,000 to $14,000.
  • Start of the 30% threshold to increase from $30,001 to $34,001.
  • Start of the 40% threshold to increase to $80,001.
  • Start of the 45% threshold to increase to $180,001 (as promised in the budget in May).

 

In 2009-10

  • Low Income Tax free threshold due to the Low Income Tax Offset to rise from $14,000 to $15,000.
  • Start of the 30% threshold to increase from $34,001 to $35,001.
  • Second top marginal rate to be cut from 40% to 38%.
  • Top marginal tax rate cut from 45% to 43%.

 

From July 1, 2010

  • Low Income Tax free threshold due to the Low Income Tax Offset to rise from $15,000 to $16,000.
  • Start of the 30% threshold to increase from $35,001 to $37,001.
  • Second top marginal rate to be cut from 38% to 37%.
  • Top marginal tax rate cut from 43% to 42%.

 

To put some dollar amounts to these changes the tax payable (including medicare levy) would be:

 

Annual Income

2007-08

2008-09

2009-10

2010-11

Reduction (pa)

As % of 07-08 tax

$25,000

$3,225

$2,025

$1,875

$1,725

$1,500

46.51%

$50,000

$10,350

$8,550

$8,250

$7,800

$2,550

24.64%

$75,000

$18,225

$16,425

$16,125

$15,675

$2,550

13.99%

$100,000

$28,600

$26,300

$25,600

$24,950

$3,650

12.76%

 

Throughout the campaign we look forward to adding further commentary on any policy proposed by the major parties that will affect financial planning and investment strategies.

 

Regards,

Scott Keefer

Posted by: Scott Keefer AT 07:23 am   |  Permalink   |  Email
 
Scott Francis' articles in the Eureka Report 
Request for Information 
If you have questions, or would like more information, please go to our Contact page and leave your name and contact information.

Plan Well, Invest Well, Live Well! Financial advice providing a clear direction

A Clear Direction Financial Planning and Portfolio Management ABN 85 147 572 870

Level 19
10 Eagle Street
Brisbane QLD Australia
Ph: (07) 3303 0269
Email: scottk@acleardirection.com.au

Authorised Representative (398444) and Credit Representative (403292) of FYG Planners Pty Ltd AFSL/ACL 224 543.

ASIC - Financial Advisers Register

All content of this website is copyright © A Clear Direction Financial Planning Pty Ltd, 2017

FYG Planners Pty Ltd & A Clear Direction Financial Planning Privacy Policy