The Australian Government has introduced personal income tax cuts that apply from 1 July 2020 .
Updated tax tables are now available for you to reflect the tax cuts in employee's take-home pay.
You must make sure you are withholding the correct amount from salary or wages paid to your employees for pay runs processed in your system from 16 November onwards .
Payroll software providers will be updating software to implement these tax rate changes. Some payroll software providers may take longer to update their software. Your software provider will keep you updated on these changes.
You don't need to make any other adjustments or refunds.
Any 'over-withholding' that occurred prior to updating your payroll software or processes will be included in your employee's income tax assessment at the end of the year.
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Investngro Pty Ltd ABN 53 113 102 695 trading as Murray Nankivell Financial Planning, is an authorised representative of Count Financial Limited ABN 19 001 974 625 holder of Australian financial services licence number 227232 (“Count”). Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange. Any taxation and accounting services are provided by Murray Nankivell and are not within the authority Count. The information on this web site is not financial product advice and is provided for information only.