10 October 2016
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 we will refund any over-payment of tax when your employees (and payees) lodge their 2016–17 income tax return.
Remember, registered tax agents and BAS agents can help you with tax and super advice.
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