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Updated Tax Tables Are Now Here!

The Buzz is out!

For those of you that handle client payroll, be aware that a number of tax tables are changing from 1 October 2016. The changes are as a consequence of the personal income tax cuts announced by the Government in the May 2016 Federal Budget  whereby the threshold at which the 37% marginal tax rate applies was raised from $80 000 to $87 000. As a result, the following tax tables have been updated for payments made from 1 October 2016:

ATO NAT no.

Title

1004

Schedule 1 - Statement of formulas for calculating amounts to be withheld

1023

Schedule 3 - Tax table for actors, variety artists and other entertainers

3348

Schedule 5 - Tax table for back payments, commissions, bonuses and similar payments

3350

Schedule 6 - Tax table for annuities

3351

Schedule 7 - Tax table for unused leave payments on termination of employment

3539

Schedule 8 - Statement of formulas for calculating HELP, SSL, TSL and SFSS components

4466

Schedule 9 - Tax table for seniors and pensioners

70982

Schedule13 - Tax table for superannuation income streams

1005

Weekly tax table

1006

Fortnightly tax table

1007

Monthly tax table

1008

Weekly tax table with no and half Medicare levy

74288

Fortnightly tax table with no and half Medicare levy

1010

Medicare levy adjustment weekly tax table

1011

Medicare levy adjustment fortnightly tax table

1012

Medicare levy adjustment monthly tax table

1024

Tax table for daily and casual workers

Ensure you’re using the most recent withholding tables, and that you have the latest software updates that reflect these new tables.

Category
ABN
Published
28 Sep 2016
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