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Revision as of 13:55, 22 September 2024

Through the proposed DTC / GST legislations, federal government has acknowledged the demand for new revenue system nevertheless the proposed new laws apparently appear to be even complex then the prevailing one.

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Contributing a deductible $1,000 will lower the taxable income from the $30,000 every single year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 each year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double the amount!

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