Changes to the Individual Marginal Tax Rates

In October 2020 the Government announced changes to the personal income tax thresholds. These changes came into play on 13 October 2020. Employers have until Monday 16 November 2020 to implement these changes for all employees using the updated tax tables.  The changes will see a reduction in tax payable for income earners who earn a taxable income of over $37,000.

Ensure your software has been updated to incorporate these changes.  You can view more information on how to incorporate these updates with your software supplier. For more information visit: Xero, MYOB or Reckon