New Tax Tables

The ATO Tax Rates have changed, effective from 1st Ocotber 2016. This means you need to use the latest tax tables to calculate the amounts to withhold from payments made to employees or payees.

Not all the tax tables have been updated which means these tax tables will remain the same. The updated tax tables do not include any catch-up component and individuals affected by this will receive full benefits upon their next financial year assesment.

The new tax tables were announced at the May budget and were approved in Parliament on 31st August 2016.

Further information or a copy of the new tax tables can be accessed from the following link:

https://www.ato.gov.au/Rates/Tax-tables/
Australian Taxation Office Website