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Tax Tables Update

Tax Table Update

The ATO produce a range of tax tables to help you work out how much to withhold from payments you make to your employees or other payees. A tax withheld calculator that calculates the correct amount of tax to withhold is also available.

Important information – October 2020 updates

Changes to personal income tax thresholds announced by the Government during the Federal Budget have been incorporated into the withholding schedules and tax tables and will apply to payments made on and from 13 October 2020.

As the changes to withholding are made part way through the income year, employers and other payers who are unable to immediately implement these changes into their payroll will have until 16 November 2020 to do so.

Employees and other payees will receive their entitlement to the reduced tax payable for the entire 2020–21 income year when they lodge their income tax return.

https://www.ato.gov.au/rates/tax-tables/

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Phone: (03) 55 618 618
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Website: www.shbbusiness.com.au
Email: office@shbbusiness.com.au

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