NEW TAX TABLES 2023-2024

TAPSThe ATO has released new HECS-HELP tax tables that apply from 1 July 2023. There are no changes to the normal PAYG tax tables for the 2023–24 income year. The only change is to study and training support loans.

Study and Training Support Loan changes to apply from 1 July 2023: With the annual indexing of the repayment incomes for study and training support loans, the following schedule and tax tables were updated for the 2023–24 year:

Schedule 8 – Statement of formulas for calculating study and training support loans components (NAT 3539)

Study and training support loans weekly, fortnightly and monthly tax tables.

Tax tables that were updated and apply from 1 July 2023 can be found below: Tax Tables – 2023-2024

To legislate tax tables each year, the Commissioner will issue a legislative instrument containing withholding schedules for working out the amount to be withheld under the Pay As You Go (PAYG) system. These updates are needed for payers to work out the amount they must withhold from payments made. The instrument will replace the previous financial year’s Taxation Administration Act Withholding Schedules.

To view the Taxation Administration Act Withholding Schedules 2023: Taxation Administration Withholding Schedules 2023 legislated stage 3 income tax cuts are not due to commence until 1 July 2024 (the 2024-25 income year).

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