NEW Tax Tables for Payroll

NEW Tax Tables for Payroll

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The government has recently announced tax changes to personal income tax thresholds to apply to payments made on and from 13th October 2020.

While the deadline for introducing the new rates is 16th November 2020 we will be applying the new tax scales to the system on Wednesday 27th October 2020.  No action is required regarding updating staff periodic payments -the new rates will apply to all payments made from this date.

While employees will receive the benefit of the reduced tax payable for payments made in the system from Wednesday any additional tax for previous payments made in this financial year will be included in their tax assessment when they lodge their income tax return for the 2020-21 income year.

For more information on these changes please check the ATO website https://www.ato.gov.au/rates/tax-tables/#Importantinformationforthisyear


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