As the Government has increased the 32.5% tax band from $37,001 to $80,000 to $37,001 to $87,000, the ATO has updated the PAYGW tax tables for employees earning over $80,000 which apply from 1 October 2016.
Employers are not required to make any adjustments, and the ATO will refund any excess tax withheld to the employees when their 2016/17 tax returns are processed.
19 January 2017
Crucial issue to consider when buying a company
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