Tax cuts – withholding amounts changed

The Australian Government has increased the 32.5% tax threshold from $37,001–$80,000 to $37,001–$87,000.

What does this mean for employers?

The tax tables have changed for employees who earn over $80,000.

The new tax tables are available now and should be used for payments made from 1 October 2016.You can download the updated tax tables from ato.gov.au/taxtables or contact your payroll software provider for the relevant update.

You don’t need to make any other adjustments or refunds as the ATO will refund any over-payment of tax when your employees (and payees) lodge their 2016–17 income tax return.

 

Source: ATO

Read More
Tax scams start phishing earlyWith tax time underway the ATO are seeing an increase in reports of email scams that try to steal personal information. Scammers pretending to be from the ‘myGov customer care team’ are sending emails that...
Read More