In the May Budget, the government announced that changes to individual tax rates would apply in the 2017 financial year. Subsequently, a number of tax tables have been updated by the ATO.
How does this impact your business?
From 1 October 2016, the new tax rates will apply to payments that you make to your employees, and other payees. It is worth noting that some tax tables have not been updated, in which case the current rates will continue to apply.
To read more about how these changes will impact your payments, or to download the new tax tables, click here.
If you are using Xero or MYOB Essentials, these changes will be updated in your file automatically. For users of other software, including MYOB AccountRight you will have to download and update these tables separately. Your software provider will advise you when these updates will be available. Please don’t hesitate to contact our office if you require assistance with this.