PAYG tax tables available
Parliament has passed legislation required to bring forward its tax cuts, effective from 1 July. The ATO has released its updated PAYG withholding tables.
The Australian Tax Office has released updated PAYG withholding tables and calculators for payments that are made from 13 October 2020. Employers and other organisations making payments who can't immediately implement the changes have until 16 November to implement the changes.
Taxpayers are likely to see an additional refund when lodging their 2020-21 income return, since the full tax cut has not been condensed into withholding tax for the rest of this financial year.
To understand how this will impact your employees or for assistance with adjusting your tax tables, please contact us on 02 9957 4033 or via our contact form.
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.