Changes to taxation

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1. Previously announced changes to personal income tax rates will apply

The previously announced changes to personal income tax rates (from 1 July 2009 and 1 July 2010) will proceed.

New rates and tax payable will be:

2. Low Income Tax Offset (LITO)

• 1 July 2009 the upper threshold will increase to $63,750.
  
• 1 July 2010 the upper threshold will increase to $67,500.
  
• LITO will continue to phase out at $0.04/$1.00 of income above $30,000.
  
• 2009-2010 - maximum LITO is $1,350. This represents an increase of $150 from 2008/09.

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