The Australian Government has increased the 32.5% (34.5% including Medicare levy) tax threshold from $37,001- $80,000 to $37,001-$87,000. This section will outline a number of changes to the tax tables that will need to be made effective 1st October.
Statement of Formulas
· NAT 1004 Schedule 1 - Statement of formulas for calculating amounts to be withheld
PAYG Withholding Calculation
· NAT 1005 - Weekly tax table
· NAT 1006 - Fortnightly tax table
· NAT 1007 - Monthly tax table
PAYG + HELP/SFSS Calculation
· NAT 3539 Schedule 8 - Statement of formulas for calculating HELP, SSL, TSL & SFSS
Medicare Levy Adjustment Calculation
· NAT 1008 - Weekly tax table with no and half Medicare levy
· NAT 1010 - Medicare levy adjustment weekly tax table
· NAT 1011 - Medicare levy adjustment fortnightly tax table
· NAT 1012 - Medicare levy adjustment monthly tax table
· NAT 74288 - Fortnightly tax table with no & half Medicare levy
Seniors and Pensioners Tax Calculation
· NAT 4466 Schedule 9 - Tax table for seniors and pensioners
· NAT 70982 - Tax table for superannuation income streams
Other Tax Tables
· NAT 3348 Schedule 5 - Tax table for back payments, commissions, bonuses and similar payments
· NAT 3351 Schedule 7 - Tax table for unused leave payments on termination of employment
The above areas have been changed and updated in our payroll system. If you are using our DataPay Payroll application you can sit back, relax and leave the above amendment to us as these changes have already been programmed into the software without the need to install updates.
Should you have any queries please contact the Datacom HelpDesk on 1 800 048 006 between 8:30am and 5:30pm Monday-Friday, where one of our consultants will be glad to help.
For more information please visit the Australian Tax Office (ATO) website through our Useful Links page.