Australian payroll update for FY 2017
September 21st, 2016 by Marc Lehmann
Recent legislation introduced to parliament on 31st of August 2016 has resulted in a number of tax tables needing to be updated and those changes the ATO has instructed will apply from 1 October 2016. Saasu has made these changes and they will be live in the coming days for Saasu files using Australian Payroll. You don't need to do anything.
We note that the ATO has instructed software developers that the new tax tables should not include any catch-up component for the portion of the year which has already passed. That period being from 1st July 2016 to 30th September 2016. The ATO has said that individuals affected will receive the full benefit of the tax changes upon assessment of their income tax return for the 2016-17 income year.
If you have any further income tax related questions please seek advice from your tax advisor or the ATO directly.
As always this is a free tax table update already paid for in your ongoing subscription fees.