Changes to Withholding Tax Tables
Changes to the personal income tax thresholds were announced by the Government during the Federal Budget. These changes will apply to payments made to employees on and from 13th October 2020.
Employers will have until the 16th November 2020 to update their payroll systems to reflect the changes to the thresholds for the 2020-21 income year.
The ATO has released the updated PAYG withholding tax tables on their website. This can be accessed via the link below.
If you would like to discuss this please contact our office.