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Tax Rates

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Company tax rate is 17% but govt is giving a 30% rebate cap at $30 000. Effectively, your tax rate is < 17% New!

   YA 2013, YA 2014 and 2015   Companies will be granted a  a 30% Corporate Income Tax (CIT) Rebate capped at $30,000 Examples : The following shows 4 examples. For an assessable income of $600k, you hit the $30 000 tax rebate cap and your effective tax rate is 11.9%. which < 17% Even when the assessable income hit $3 m, the effective tax rate is 16 16%, %, still < 17%

Tax rate

17%

Asse Assess ssab able le Inc Income ome A Tax Tax Befor Before e Rebat Rebate e B=1 B=17%*A %*A Re ba bate

Breakpoint $600,0 ,00 00 $102,0 ,00 00

$750,00 ,000 $127,50 ,500

$30,600

$30,000

$30,000

$30,000

$30,000

30% C=30%*B

$1,00 ,000,00 ,000 $2,00 ,000,00 ,000 $3,00 ,000,00 ,000 $170,00 ,000 $340,00 ,000 $510,00 ,000

Tax pa paya yabl ble e

D=AA-B B

$71,4 ,40 00

$97,5 ,50 00

$140,00 ,000

$310,00 ,000

$480,00 ,000

Effe ctive Tax Rate

E=D/A

11.9%

13.0%

14.0%

15.5%

16.0%

If your personal assessable income > $320 000, the tax rate is 20%

From YA 2012onwards Charg rgea eab ble In Income Rate Ra te (% (%))

Gro Gr oss Ta Tax x Payable ($ ($)

First $20,000 Next $10,000

0 2

0 200

First $30,000 Next $10,000

3.5

200 350

0.7%

First $40,000 Next $40,000

7

550 2800

1.4%

F Niersxtt $ $8 40 0,,0 00 00 0

11-.5

3 43 65 00 0

4.2%

15

7950 6000

6.6%

First $120,000 This websiteNstores ext $data 40,0such 00 as

cookies to enable essential site irswell t $1as 60marketing, ,000 functionality,Fas Nexand t $ 4 0,000 You personalization, analytics. may changeFyour settings irst $ 200,00at0 any time or accept the default settings.

17

13950  6800

8.7%

18

20750 21 600

10.4%

First $320,000 Privacy Policy  Abov  Above$ e$320 320,00 ,000 0

20

42 350

13.2%

Next $120,000

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