Tuesday 8th November 2016

Tax Rates have changed. Have you made the change?

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Tax tables | Australian Taxation Office

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. Those tax tables that have not been updated will continue to apply.

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.

Click here to go to the ATO website to view the new tax tables.

If you require any assistance in relation to the tax tables please contact our bookkeeper, Toni Brunsgard, on 9387 5637.

 

 

Please Note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. 

 

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