{"id":13962,"date":"2016-12-12T07:25:51","date_gmt":"2016-12-11T19:55:51","guid":{"rendered":"http:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/"},"modified":"2020-11-29T00:21:45","modified_gmt":"2020-11-28T12:51:45","slug":"personal-income-tax-cuts-are-law","status":"publish","type":"post","link":"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/","title":{"rendered":"Personal income tax cuts are law!"},"content":{"rendered":"

The government has finally legislated the tax cuts originally announced in the May 2016 Budget, so that the marginal tax rate of 37% now starts at $87,000.<\/em><\/p>\n

The following are the rates for adult residents for the 2016\/17 income year (i.e., from 1 July 2016).<\/p>\n\n\n\n\n\n\n\n\n
Taxable income<\/strong><\/td>\nTax on this income<\/strong><\/td>\n<\/tr>\n
0 \u2013 $18,200<\/td>\nNil<\/td>\n<\/tr>\n
$18,201 \u2013 $37,000<\/td>\n19c for each $1 over $18,200<\/td>\n<\/tr>\n
$37,001 \u2013 $87,000<\/td>\n$3,572 plus 32.5c for each $1 over $37,000<\/td>\n<\/tr>\n
$87,001 \u2013 $180,000<\/td>\n$19,822 plus 37c for each $1 over $87,000<\/td>\n<\/tr>\n
$180,001 and over<\/td>\n$54,232 plus 45c for each $1 over $180,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The above rates do not include the temporary budget repair levy (due to expire on 30 June 2017), nor the Medicare levy of 2%.<\/p>\n

The ATO has updated the tax tables and PAYG withholding tax schedules (and their online tax withheld calculator) to reflect these changes.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government has finally legislated the tax cuts originally announced in the May 2016 Budget, so that the marginal tax rate of 37% now starts at $87,000. The following are the rates for adult residents for the 2016\/17 income year (i.e., from 1 July 2016). Taxable income Tax on this income 0 \u2013 $18,200 Nil…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-13962","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nPersonal income tax cuts are law! - Quantiphy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Personal income tax cuts are law! - Quantiphy\" \/>\n<meta property=\"og:description\" content=\"The government has finally legislated the tax cuts originally announced in the May 2016 Budget, so that the marginal tax rate of 37% now starts at $87,000. The following are the rates for adult residents for the 2016\/17 income year (i.e., from 1 July 2016). Taxable income Tax on this income 0 \u2013 $18,200 Nil...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/\" \/>\n<meta property=\"og:site_name\" content=\"Quantiphy\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-11T19:55:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-28T12:51:45+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/personal-income-tax-cuts-are-law\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/personal-income-tax-cuts-are-law\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/#\\\/schema\\\/person\\\/1229e0370958728f31fa8f8604b0dfc2\"},\"headline\":\"Personal income tax cuts are law!\",\"datePublished\":\"2016-12-11T19:55:51+00:00\",\"dateModified\":\"2020-11-28T12:51:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/personal-income-tax-cuts-are-law\\\/\"},\"wordCount\":117,\"commentCount\":0,\"publisher\":{\"@id\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/#organization\"},\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/personal-income-tax-cuts-are-law\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/personal-income-tax-cuts-are-law\\\/\",\"url\":\"https:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/personal-income-tax-cuts-are-law\\\/\",\"name\":\"Personal income tax cuts are law! - Quantiphy\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/#website\"},\"datePublished\":\"2016-12-11T19:55:51+00:00\",\"dateModified\":\"2020-11-28T12:51:45+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/personal-income-tax-cuts-are-law\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/personal-income-tax-cuts-are-law\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/personal-income-tax-cuts-are-law\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Personal income tax cuts are law!\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/#website\",\"url\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/\",\"name\":\"Quantiphy\",\"description\":\"Accounting, Taxation, Wealth & Finance in one\",\"publisher\":{\"@id\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/#organization\",\"name\":\"Quantiphy\",\"url\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Screen-Shot-2020-10-15-at-11.04.47-am.png\",\"contentUrl\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Screen-Shot-2020-10-15-at-11.04.47-am.png\",\"width\":884,\"height\":260,\"caption\":\"Quantiphy\"},\"image\":{\"@id\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/#\\\/schema\\\/person\\\/1229e0370958728f31fa8f8604b0dfc2\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/10051da91b5ec8396300b2bb336697b7898938c99d91a95f5105956221760164?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/10051da91b5ec8396300b2bb336697b7898938c99d91a95f5105956221760164?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/10051da91b5ec8396300b2bb336697b7898938c99d91a95f5105956221760164?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"http:\\\/\\\/quantiphy.com.au\\\/oldbackup\"],\"url\":\"https:\\\/\\\/quantiphy.com.au\\\/oldbackup\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Personal income tax cuts are law! - Quantiphy","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/","og_locale":"en_US","og_type":"article","og_title":"Personal income tax cuts are law! - Quantiphy","og_description":"The government has finally legislated the tax cuts originally announced in the May 2016 Budget, so that the marginal tax rate of 37% now starts at $87,000. The following are the rates for adult residents for the 2016\/17 income year (i.e., from 1 July 2016). Taxable income Tax on this income 0 \u2013 $18,200 Nil...","og_url":"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/","og_site_name":"Quantiphy","article_published_time":"2016-12-11T19:55:51+00:00","article_modified_time":"2020-11-28T12:51:45+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/#article","isPartOf":{"@id":"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/"},"author":{"name":"admin","@id":"http:\/\/quantiphy.com.au\/oldbackup\/#\/schema\/person\/1229e0370958728f31fa8f8604b0dfc2"},"headline":"Personal income tax cuts are law!","datePublished":"2016-12-11T19:55:51+00:00","dateModified":"2020-11-28T12:51:45+00:00","mainEntityOfPage":{"@id":"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/"},"wordCount":117,"commentCount":0,"publisher":{"@id":"http:\/\/quantiphy.com.au\/oldbackup\/#organization"},"articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/","url":"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/","name":"Personal income tax cuts are law! - Quantiphy","isPartOf":{"@id":"http:\/\/quantiphy.com.au\/oldbackup\/#website"},"datePublished":"2016-12-11T19:55:51+00:00","dateModified":"2020-11-28T12:51:45+00:00","breadcrumb":{"@id":"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/quantiphy.com.au\/oldbackup\/personal-income-tax-cuts-are-law\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"http:\/\/quantiphy.com.au\/oldbackup\/"},{"@type":"ListItem","position":2,"name":"Personal income tax cuts are law!"}]},{"@type":"WebSite","@id":"http:\/\/quantiphy.com.au\/oldbackup\/#website","url":"http:\/\/quantiphy.com.au\/oldbackup\/","name":"Quantiphy","description":"Accounting, Taxation, Wealth & Finance in one","publisher":{"@id":"http:\/\/quantiphy.com.au\/oldbackup\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"http:\/\/quantiphy.com.au\/oldbackup\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"http:\/\/quantiphy.com.au\/oldbackup\/#organization","name":"Quantiphy","url":"http:\/\/quantiphy.com.au\/oldbackup\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"http:\/\/quantiphy.com.au\/oldbackup\/#\/schema\/logo\/image\/","url":"http:\/\/quantiphy.com.au\/oldbackup\/wp-content\/uploads\/2020\/10\/Screen-Shot-2020-10-15-at-11.04.47-am.png","contentUrl":"http:\/\/quantiphy.com.au\/oldbackup\/wp-content\/uploads\/2020\/10\/Screen-Shot-2020-10-15-at-11.04.47-am.png","width":884,"height":260,"caption":"Quantiphy"},"image":{"@id":"http:\/\/quantiphy.com.au\/oldbackup\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"http:\/\/quantiphy.com.au\/oldbackup\/#\/schema\/person\/1229e0370958728f31fa8f8604b0dfc2","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/10051da91b5ec8396300b2bb336697b7898938c99d91a95f5105956221760164?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/10051da91b5ec8396300b2bb336697b7898938c99d91a95f5105956221760164?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/10051da91b5ec8396300b2bb336697b7898938c99d91a95f5105956221760164?s=96&d=mm&r=g","caption":"admin"},"sameAs":["http:\/\/quantiphy.com.au\/oldbackup"],"url":"https:\/\/quantiphy.com.au\/oldbackup\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/quantiphy.com.au\/oldbackup\/wp-json\/wp\/v2\/posts\/13962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quantiphy.com.au\/oldbackup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quantiphy.com.au\/oldbackup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quantiphy.com.au\/oldbackup\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quantiphy.com.au\/oldbackup\/wp-json\/wp\/v2\/comments?post=13962"}],"version-history":[{"count":1,"href":"https:\/\/quantiphy.com.au\/oldbackup\/wp-json\/wp\/v2\/posts\/13962\/revisions"}],"predecessor-version":[{"id":14318,"href":"https:\/\/quantiphy.com.au\/oldbackup\/wp-json\/wp\/v2\/posts\/13962\/revisions\/14318"}],"wp:attachment":[{"href":"https:\/\/quantiphy.com.au\/oldbackup\/wp-json\/wp\/v2\/media?parent=13962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quantiphy.com.au\/oldbackup\/wp-json\/wp\/v2\/categories?post=13962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quantiphy.com.au\/oldbackup\/wp-json\/wp\/v2\/tags?post=13962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}