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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