We are currently working for our clients’ financial report and income tax return filing for 2025 income year. From 31 July 2024, Income tax reduction has been introduced. This income tax reduction is introduced by changing the blanket of the income tax rate.
Income tax rate until 31 July 2025
| From | To | Tax rate |
| $0.00 | $14,000.00 | 10.50% |
| $14,000.00 | $48,000.00 | 17.50% |
| $48,000.00 | $70,000.00 | 30.00% |
| $70,000.00 | $180,000.00 | 33.00% |
| $180,000.00 | 39.00% |
Income tax rate from 31 July 2025
| From | To | Tax rate |
| $0.00 | $15,600.00 | 10.50% |
| $15,600.00 | $53,500.00 | 17.50% |
| $53,500.00 | $78,100.00 | 30.00% |
| $78,100.00 | $180,000.00 | 33.00% |
| $180,000.00 | 39.00% |
For example, if you income is $70,000 for one year, your income tax is calculated as the following. Income tax amount for each blanket is calculated separately and the total amount is calculated at last. The income tax amount is $14,020 in total before the income tax rates (blankets) change.
| $0.00 | $14,000.00 | 10.50% | $1,470.00 |
| $14,000.00 | $48,000.00 | 17.50% | $5,950.00 |
| $48,000.00 | $70,000.00 | 30.00% | $6,600.00 |
| Total | $14,020.00 |
After the Income tax rates (blankets) changes, the income tax payment amount is calculated as the following. Because of the income tax rates (blankes) change, the total income tax payment amount decreased to $13,220.50. The decrease amount is $799.50. The decrease is 5.70% of th previous payment amount or 1.14% of income. These percentages depend on the income amount. Please let us know if you want to know you income tax decrease amount or percentage.
| $0.00 | $15,600.00 | 10.50% | $1,638.00 |
| $15,600.00 | $53,500.00 | 17.50% | $6,632.50 |
| $53,500.00 | $78,100.00 | 30.00% | $4,950.00 |
| Total | $13,220.50 |
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