Employers Need To Apply Recent Tax Cuts As Soon As Possible

Apply Recent Tax Cuts ASAP

 

November 9, 2020 | Warren Kruger | No Comments |

The ATO has now updated the tax withholding schedules to reflect the 2020/21 income year personal tax cuts – the updated schedules are available at ato.gov.au/taxtables.

The ATO has said that employers now need to make adjustments in their payroll processes and systems in order for the tax cuts to be reflected in employees’ take-home pay.

Employers must make sure they are withholding the correct amount from salary or wages paid to employees for any pay runs processed in their system from no later than 16 November onwards.

Employees should be aware that any withholding on the old scales will be taken into account in their tax return.

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Warren Kruger

Specialist Tax Consultant - “Helping YOU Pay The Correct Tax And Not A Penny More”. My story starts on Christmas Eve, back in 1983 in South Africa.

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