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Recently, the Government handed down the Budget for 2020-2021. The Budget featured several measures to support our economy, including income tax cuts.
These cuts may have an impact on you, so let’s run through what you need to know:
Read more about the Implementation of announced tax cuts and 2020-21 Budget.
While running payrolls for period post 13th Oct,2020 - do I need to manually adjust the PAYG withholding and where do I refer the updated tax tables on ATO website.
Scale 1 - tax free threshold not claimed has a NEGATIVE amount in column B which our payroll does not accept.
Does this need to be updated by the ATO
Hi @TAXLEARNING and SueBuckley
I would like to invite you to talk to your software provider about when they will release updates.
New tax tables reflecting recent updated have been published.
I hope this helps.
it's great to know.
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