Tax cuts - withholding amounts changed

The Australian Government has increased the 32.5% tax threshold from $37,001–$80,000 to $37,001–$87,000.

What does this mean for employers?

The tax tables have changed for employees who earn over $80,000. The new tax tables are available now and should be used for payments made from 1 October 2016.

Businesses using AusBiz Solutions Intuit Quickbooks Online for payroll will have the new tax tables automatically applied.

You can also download the updated tax tables from ato.gov.au/taxtables or contact your payroll software provider for the relevant update.

For further information or to let us take the worry out of your payroll, contact AusBiz Solutions on 02 6583 5327. Find us online and follow us on Facebook.