Section Sch1-1 — Income Tax Act 2007: Taxable income: general

1 Taxable income: general To the extent to which a person does not have a basic rate under clauses 2 to 8 , the basic rate of income tax for the person on each dollar of the person’s taxable income is calculated using the formula— tax under table 1 taxable income. (a) tax under table 1 means the total tax, calculated for each dollar in the person’s taxable income, using table 1: (b) taxable income means the number of dollars in the person’s taxable income. Table 1 Row Range of dollar in taxable income Tax rate 1 $0 – $14,000 0.105 2 $14,001 – $48,000 0.175 3 $48,001 – $70,000 0.300 4 $70,001 upwards 0.330 How to use this table: Find the range in the second column for each dollar in the person's taxable income, and apply the relevant rate for the dollar in the third column. Schedule 1 part A clause 1: replaced (with effect on 1 April 2011), on 2 November 2012 (applying for the 2011–12 and later income years), by section 162(5) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Schedule 1 part A clause 1: amended (with effect on 1 April 2011), on 2 November 2012, by section 162(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Schedule 1 part A clause 1: amended (with effect on 1 April 2008), on 2 November 2012 (applying for the 2008–09 and later income years), by section 162(3) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Schedule 1 part A table 1: substituted, on 1 April 2011 (applying for the 2011–12 income year and later income years), by section 71(2) of the Taxation (Budget Measures) Act 2010 (2010 No 27).