Don't forget to update your PAYG tables for employees
The ATO released its new PAYG tables last month and employers need to adjust their payroll accordingly.
Following the bringing forward of personal income tax cuts in the Budget, the ATO has advised that employers should be making adjustments in their payroll processes and systems in order for the tax cuts to be reflected in the take-home pay of employees.
With the release of new tax tables, employers must make sure they are withholding the correct amount from salary or wages paid to employees for any pay runs processed in their system from no later than 16 November 2020 onwards.
Payroll software providers should be currently updating their software to reflect the reduced withholding rates associated with the changes. Software providers will hopefully be providing updates on this process.
Speak to our team on 02 9957 4033 if you require assistance in ensuring your payroll is up to date.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.