Tax has been increased by the Australian Government from the 32.5% tax threshold $37,001 – $80,000 to $37,001 – $87,000.The tax tables have changed for employees who earn over $80,000. You need to download the updated tax tables from ato.gov.au/tax tables or contact your payroll software provider for the relevant update.
Employers DO NOT need to make any adjustments or refunds. The new tax tables are effective from 1 October 2016. Any over-payment of tax will be adjusted when the 2016-17 income tax return is lodged.
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