For the 2013/14 income tax year there are no changes to the income tax rates or thresholds, therefore most tax tables currently used by employers can continue to be used for the next financial year.
However, there will be changes to tax tables for 2013/14 where employers have employees that:
- have a Higher education loan program debt or Financial supplement debt
- receive back payments, commissions, bonuses and similar payments
- receive an employment termination payment or return to work payment
- are seniors or pensioners.
There is no need for employers to reorder paper copies of tax tables that aren’t changing as they can continue to use existing versions, however, should they be required, they are available from the ATO website www.ato.gov.au/taxtables. The updated tax tables will be available on the ATO website from mid-June.