The tax rates have changed – time for a small pay rise?

By 24 October, 2016News

The Government and ATO have finally increased the 32.5% tax threshold from $80,000 to $87,000 for the FY17 Tax Year.

The new tax tables for employees who earn over $80,000 are effective from 1 October 2016. You don’t need to make any other adjustments or refunds for the period 1 July 2016 to 30 September 2016 as the ATO will refund any over-payment of tax when your employees (and payees) lodge their 2016-17 income tax return.

You need to download the updated tax tables from or download from your payroll software provider (MYOB or XERO) for the relevant update.

Contact us now to make sure your tax planning is up to date.