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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

  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% 

 

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% 

 

Year of Assessment 2002/03

  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% 

 

 

Standard Rate

Year of AssessmentTax Rate
2008/09 onwards15%
2004/05 to 2007/08 (Note)16%
2003/0415.5%
2002/0315%

 

Note

(1)       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.

(2)       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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