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08 May 07 Personal income tax cuts

The Government will provide tax cuts worth $31.5 billion over the next 4 years. This is in addition to the $36.7 billion worth of tax cuts announced in last year's budget.

From 1 July 2007, the 30% threshold will rise from $25,001 to $30,001.

From 1 July 2008, the 40% threshold will rise from $75,001 to $80,001 and the 45% threshold will rise from $150,001 to $180,001.

For a copy of the Treasurer's press release, No 2007/34,8 May 2007 go here

Current tax thresholds
Income range $
Rate
%
From 1 July 2007
Income range $
Rate
%
From 1 July 2008
Income range $
Rate
%
0 – 6,000 0 0 – 6,000 0 0 – 6,000 0
6001 – 25,000 15 6,001 – 30,000 15 6,001 – 30,000 15
25,001 – 75,000 30 30,001 – 75,000 30 30,001 – 80,000 30
75,001 – 150,000 40 75,001 – 150,000 40 80,000 – 180,000 40
150,000 + 45 150,000 + 45 180,000 + 45

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