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Tax Rates of Salaries Tax & Personal Assessment

Before going to the tax rates of salaries tax and personal assessment, you may want to know how to calculate the amount of tax you should pay. This article will also tell you the standard rate and annual income levels at which salaries tax payers enter the standard rate zone.

How to Calculate the Amount of Tax that You Should Pay?

Your net chargeable income, ie assessable income after deductions and allowances, is charged at progressive rates. But if what you need to pay on the basis of your net chargeable income exceeds the tax charged at standard rate on your net total income, ie assessable income after deductions but before allowances, then you have to pay the lower amount of tax.

Year of Assessment 2008/09 and 2009/10*

 

  Net Chargeable Income           Rate            Tax
                      $                $
On the First                              40,000                          2%                        800
On the Next                              40,000                          7%                     2,800
                               80,000                      3,600
On the Next                              40,000                        12%                     4,800
                             120,000                      8,400
Remainder                         17% 


For 2008/09, 100% of the final tax payable under salaries tax and tax under personal assessment would be waived, subject to the maximum of $8,000 per case.

＊ A one-off reduction of 75% of the 2009/10 final tax payable under salaries tax and tax under personal assessment would be waived, subject to a ceiling $6,000 per case, was proposed in the 2010-11 Financial Budget. The proposal is subject to the passing of the relevant legislation.

Year of Assessment 2007/08

  Net Chargeable Income           Rate            Tax
                      $                $
On the First                              35,000                          2%                        700
On the Next                              35,000                          7%                     2,450
                               70,000                      3,150
On the Next                              35,000                        12%                     4,200
                             105,000                      7,350
Remainder                         17% 

 

75% of the 2007/08 salaries tax or tax charged under personal assessment is waived subject to a ceiling of $25,000 per case.

Year of Assessment 2006/07

  Net Chargeable Income            Rate           Tax
                     $               $
On the First                               30,000                          2%                         600
On the Next                               30,000                          7%                      2,100
                                60,000                       2,700
On the Next                               30,000                        13%                      3,900
                                90,000                       6,600
Remainder                         19% 

 

50% of the 2006/07 salaries tax or tax charged under personal assessment is waived subject to a ceiling of $15,000 per case.

Years of Assessment 2004/05 and 2005/06

  Net Chargeable Income            Rate            Tax
                     $                $
On the First                             30,000                          2%                        600
On the Next                             30,000                          8%                     2,400
                              60,000                      3,000
On the Next                             30,000                        14%                     4,200
                              90,000                      7,200
Remainder                         20% 

 

Year of Assessment 2003/04

  Net Chargeable Income            Rate            Tax
                      $                $
On the First                             32,500                       2%                   650.00
On the Next                             32,500                       7.5%                2,437.50
                              65,000                 3,087.50
On the Next                             32,500                     13%                4,225.00
                              97,500                 7,312.50
Remainder                      18.5% 

 

Standard Rate

Year of AssessmentTax Rate
2008/09 and onwards (Note)15%
2004/05 to 2007/08 (Note)16%
2003/0415.5%

 

Note

(1)        A one-off reduction of 75% of the 2009/10 final tax payable under salaries tax and tax under personal assessment would be waived, subject to a ceiling $6,000 per case, was proposed in the 2010-11 Financial Budget. The proposal is subject to the passing of the relevant legislation.

(2)       100% of the 2008/09 salaries tax or tax charged under personal assessment is waived subject to a ceiling of $8,000 per case.

(3)       75% of the 2007/08 salaries tax, property tax, profits tax or tax charged under personal assessment is waived subject to a ceiling of $25,000 per case.

(4)       50% of the 2006/07 salaries tax or tax charged under personal assessment is waived subject to a ceiling of $15,000 per case.

Annual Income Levels at Which Salaries Tax Payers Enter the Standard Rate Zone

 

Year of Assessment 2006/07

                   $

Year of Assessment 2007/08

                   $

Year of Assessment 2008/09

                   $
Single                          983,334                     2,750,000                     1,518,000
Married                       1,616,667                     4,450,000                     2,436,000
Married + 1 child                       1,870,000                     5,300,000                     2,861,000
Married + 2 children                       2,123,334                     6,150,000                     3,286,000
Married + 3 children                       2,376,667                     7,000,000                     3,711,000

 

Including Two Dependent Parents or Grandparents Aged 60 or Above

 

Year of Assessment 2006/07

                    $

Year of Assessment 2007/08

                    $

Year of Assessment 2008/09

                    $
Single                       1,363,334                    3,770,000                    2,028,000
Married                       1,996,667                    5,470,000                    2,946,000
Married + 1 child                       2,250,000                    6,320,000                    3,371,000
Married + 2 children                       2,503,334                    7,170,000                    3,796,000
Married + 3 children                       2,756,667                    8,020,000                    4,221,000

 

Including Two Dependent Parents or Grandparents Both Aged 60 or Above and Living With You

 

Year of Assessment 2006/07

                    $

Year of Assessment 2007/08

                    $

Year of Assessment 2008/09

                    $
Single                       1,743,334                   4,790,000                   2,538,000
Married                       2,376,667                   6,490,000                   3,456,000
Married + 1 child                       2,630,000                   7,340,000                   3,881,000
Married + 2 children                       2,883,334                   8,190,000                   4,306,000
Married + 3 children                       3,136,667                   9,040,000                   4,731,000

 

Including One Dependent Parent or Grandparent Aged 60 or Above and Living With You and One Disabled Dependent Brother or Sister

 

Year of Assessment 2006/07

                    $

Year of Assessment 2007/08

                    $

Year of Assessment 2008/09

                    $
Single                       1,933,334                   5,300,000                   2,793,000
Married                       2,566,667                   7,000,000                   3,711,000
Married + 1 child                       2,820,000                   7,850,000                   4,136,000
Married + 2 children                       3,073,334                   8,700,000                   4,561,000
Married + 3 children                       3,326,667                   9,550,000                   4,986,000

 

Being a Single Parent with

 

Year of Assessment 2006/07

                    $

Year of Assessment 2007/08

                    $

Year of Assessment 2008/09

                    $
1 child                       1,870,000                   5,300,000                   2,861,000
2 children                       2,123,334                   6,150,000                   3,286,000
3 children                       2,376,667                   7,000,000                   3,711,000

 

Note: The effects of the various deductions are not included in the above tables.

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