ATO TAX TABLES CHANGE FROM OCTOBER 1 - 06.10.16

In the May Budget the government announced changes to individual tax rates for the 2016-17 income year. Legislation dealing with those announced rates was introduced to Parliament on 31 August 2016. As a result a number of tax tables have been updated to apply from 1 October 2016. Those tax tables that have not been updated will continue to apply.

What changed?

The threshold for the 37% tax rate has been moved from $80,000 to $87,000. This means employees with a gross income over $80,000 will receive a tax reduction.

When does it apply?

Any payroll “paid” after 30 September, 2016.

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(02) 6652 44 33

For more information on the tax tables change, visit the the ICB website: http://www.icb.org.au/

 

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