Taxes Paid by Those with Assessable Income of More Than $320,000

Debated in Parliament on 4 Apr 2022.

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Leong Mun Wai asked for statistics on taxpayers with assessable income over $320,000 in 2019, including the number, total income, and taxes paid.
Lawrence Wong stated that approximately 70,000 taxpayers had assessable income exceeding $320,000 for the Year of Assessment 2020.
Their total assessable income was around $42.5 billion, with total tax payable amounting to $7 billion.
The figures relate to income earned in 2019, with assessable income defined as total income minus allowable deductions.
The response clarified the tax calculation and data timeframe, providing specific numbers requested in the query.

Questions identified by AI (learn more)

Full Transcript

Leong Mun Wai

Mr Leong Mun Wai asked the Minister for Finance (a) how many taxpayers have assessable income of more than $320,000 in 2019; and (b) what is the total assessable income and total taxes paid by them in 2019.

Lawrence Wong

Assessable Income (AI) refers to the total income of an individual minus allowable deductions, such as business expenses, employment expenses and donations.

For the Year of Assessment 2020 which, generally, corresponds to income earned in 2019, around 70,000 taxpayers had an AI of more than $320,000. Their total AI was around $42.5 billion, and their total tax payable was $7 billion.

Summary written by AI (learn more)

Leong Mun Wai asked for statistics on taxpayers with assessable income over $320,000 in 2019, including the number, total income, and taxes paid.
Lawrence Wong stated that approximately 70,000 taxpayers had assessable income exceeding $320,000 for the Year of Assessment 2020.
Their total assessable income was around $42.5 billion, with total tax payable amounting to $7 billion.
The figures relate to income earned in 2019, with assessable income defined as total income minus allowable deductions.
The response clarified the tax calculation and data timeframe, providing specific numbers requested in the query.

Questions identified by AI (learn more)

Taxes Paid by Those with Assessable Income of More Than $320,000 | PAPERCUTS

Taxes Paid by Those with Assessable Income of More Than $320,000

Debated in Parliament on 4 Apr 2022.

Summary written by AI (learn more)

Leong Mun Wai asked for statistics on taxpayers with assessable income over $320,000 in 2019, including the number, total income, and taxes paid.
Lawrence Wong stated that approximately 70,000 taxpayers had assessable income exceeding $320,000 for the Year of Assessment 2020.
Their total assessable income was around $42.5 billion, with total tax payable amounting to $7 billion.
The figures relate to income earned in 2019, with assessable income defined as total income minus allowable deductions.
The response clarified the tax calculation and data timeframe, providing specific numbers requested in the query.

Questions identified by AI (learn more)

Full Transcript

Leong Mun Wai

Lawrence Wong

Assessable Income (AI) refers to the total income of an individual minus allowable deductions, such as business expenses, employment expenses and donations.

Summary written by AI (learn more)

Leong Mun Wai asked for statistics on taxpayers with assessable income over $320,000 in 2019, including the number, total income, and taxes paid.
Lawrence Wong stated that approximately 70,000 taxpayers had assessable income exceeding $320,000 for the Year of Assessment 2020.
Their total assessable income was around $42.5 billion, with total tax payable amounting to $7 billion.
The figures relate to income earned in 2019, with assessable income defined as total income minus allowable deductions.
The response clarified the tax calculation and data timeframe, providing specific numbers requested in the query.

Questions identified by AI (learn more)

Taxes Paid by Those with Assessable Income of More Than $320,000

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Questions Identified

Full Transcript

Leong Mun Wai

Lawrence Wong

Summary

Questions Identified

Taxes Paid by Those with Assessable Income of More Than $320,000

Summary

Questions Identified

Full Transcript

Leong Mun Wai

Lawrence Wong

Summary

Questions Identified