New PAYG tax tables are now available

In the May Budget the government announced changes to individual tax rates for the 2016-17 income year. Legislation dealing with those announced rates was introduced to Parliament on 31 August 2016. As a result a number of tax tables have been updated to apply from 1 October 2016.

Updated tax tables do not include any catch-up component for the portion of the year which has already passed. Individuals affected will receive the full benefit of the tax changes upon assessment of their income tax return for the 2016-17 income year.

A new version of the online ATO calculator is also available with the updated tax rates that applies to payments made in the 2016–17 income year.

Share this post

Send an Enquiry