Warning: This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
Media release 2004/047
Employers were today reminded to apply the new personal income tax rates to all payments they make to their employees from 1 July 2004.
Tax Commissioner Michael Carmody said these new rates have been introduced following changes to income tax thresholds announced in the May federal budget.
"The new rates apply to all payments made on or after 1 July even if some of the payment relates to work performed before this date."
To assist employers to apply the new rates the Tax Office has mailed the new weekly and fortnightly income tax tables to all employers in the last week. These tables are also available from most newsagents.
"To further assist employers the Tax Office will have an updated version of the Tax Withheld Calculator available from 1 July, incorporating the new personal income tax rates."
The tool enables employers to quickly work out how much tax to withhold from their employees. To access the tool go to www.ato.gov.au and type 'TWC' in the search box.
All tax tables can be downloaded from the website, including those for workers with special circumstances, such as those with a HECS debt or special industry agreed rates like actors. Employers can also call the Tax Office on 13 28 66 to have a copy sent to them.
CANBERRA
30 June 2004
Last Modified: Wednesday, 30 June 2004