Business Tax

Are you an employer? Are you aware of the recent changes?

As of October 1st 2016 the ATO have put out changes to the PAYG withholding tax rate for employees earning over $80,000 a year.

These changes see the 32.5% Tax threshold increase from $80,000 to  $87,000 in the withholding schedules as a result of  personal income tax relief changes.

If any extra tax was withheld from your employees before the rate change on October 1st, your employees will be credited when they lodge their 2016-17 income tax returns. No employer adjustment or refund is required.

Feel free to contact us at The Hrkac Group for advice on these PAYG tax rate changes and download the updated tax rate tables here.