Tax thresholds and tapering value: half-years in financial year beginning 1 July 2019
7A Tax thresholds and tapering value: half-years in financial year beginning 1 July 2019
The threshold amount for a half-year in the financial year beginning on 1 July 2019 is as follows —
for the half-year beginning on 1 July 2019 — $425 000;
for the half-year beginning on 1 January 2020 — $475 000.
The monthly threshold amount for a half-year in the financial year beginning on 1 July 2019 is as follows —
for the half-year beginning on 1 July 2019 — $70 833;
for the half-year beginning on 1 January 2020 — $79 167.
The upper threshold amount for a half-year in the financial year beginning on 1 July 2019 is $3 750 000.
The tapering value for a half-year in the financial year beginning on 1 July 2019 is to be calculated as follows —
where —
HT is the threshold amount for the half‑year;
UT is the upper threshold amount for the half‑year.
Note for this section:
Division 6 sets out special provisions for determining liability for pay‑roll tax using the tax thresholds and tapering values that apply to half‑years in the financial year beginning on 1 July 2019.
[Section 7A inserted: No. 6 of 2020 s. 4.]
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