The Tax Office today reminded employers to apply the new personal income thresholds to all payments they make to their employees from 1 July 2007.
The new rates have been introduced following changes to the income tax thresholds announced in the May Federal Budget.
Employers should be aware that changes to superannuation from 1 July means there are also three new withholding schedules (tax tables) for payments made to superannuation funds.
Deputy Commissioner Erin Holland said the new weekly and fortnightly tax tables have been mailed to all employers in the last fortnight.
“The new rates apply to all payments made on or after 1 July even if some of the payment relates to work performed before this date.”
These new weekly and fortnightly tax tables are also available from most newsagents, the Tax Office website http://www.ato.gov.au/ or by calling 13 72 26.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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