Resident tax rates 2022–23
Taxable income
Tax on this income
0 – $18,200
Nil
$18,201 – $45,000
19 cents for each $1 over $18,200
$45,001 – $120,000
$5,092 plus 32.5 cents for each $1 over $45,000
$120,001 – $180,000
$29,467 plus 37 cents for each $1 over $120,000
$180,001 and over
$51,667 plus 45 cents for each $1 over $180,000
So why is someone on $5,000,000 a year still only paying 45%?
I would not only remove the Stage 3 tax cuts completely, I'd also keep progressing the rate - about 8% per $60K.
So that continues the rates -
$180,001 - $240,000 $51,667 plus 45 cents for each $1 over $180,000
$240,001 - $320,000 $78,667 plus 53 cents for each $1 over $240,000
$320,001 - $400,000 $110,467 plus 61 cents for each $1 over $320,000
$400,000 - $460,000 $147,067 plus 69 cents for each $1 over $400,000 .... you get the picture.