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21 Sep

Amendment to Tax Rate from 01 October…

The ATO has issued new PAYG withholding tax schedules to reflect the lower personal tax rate.

Changes will increase the middle income tax bracket from $80,000 to $87,000. The rate will now be 32.5% instead of 37%. Employers will be required to lower the amount of tax withheld for affected taxpayers effective from 1 October 2016.

Any tax overpaid beforehand will be refunded by the ATO on assessment after the end of the 2016/17 financial year. Good news for those in this bracket!