14 (time permitting) (a) What are the design objectives for an income tax system? (b) The Parliament legislated the following tax cuts in 2019 (Stage 3 Tax Cuts) which were due to take effect from 1 July 2024 set out in the following table (current year tax rates shown for comparison): 2023-24 2024-25 Thresholds ($) Rates (%) Thresholds ($) Rates (%) 0 - 18,200 Tax free 0 - 18,200 Tax free 18,201 - 45,000 19 18,201 - 45,000 19 45,001 - 120,000 32.5 45,001 - 200,000 30 120,001 - 180