What are the new stage 3 tax cut brackets?
Here's how the proposed plan looks at a glance:
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Earn up to $18,200 – pay no tax
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Pay a 16 per cent tax rate on each dollar earned between $18,201-$45,000
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Pay a 30 per cent tax rate on each dollar earned between $45,001-$135,000
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Pay a 37 per cent tax rate on each dollar earned between $135,001 — $190,000
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Pay a 45 per cent tax rate on each dollar earned above $190,000
What were they going to be?
Here's what the previous plan looked like at a glance:
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Earn up to $18,200 – pay no tax
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Pay a 19 per cent tax rate on each dollar earned between $18,201-$45,000
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Pay a 30 per cent tax rate on each dollar earned between $45,001-$200,000
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Pay a 45 per cent tax rate on each dollar earned above $200,000