Business Clients - Tax Table Updates
In the May Budget the government announced changes to individual tax rates for the 2016-17 income year.
As a result, some tax tables have been updated to apply from 1 October 2016. Those tax tables that have not been updated will continue to apply. Updated tax tables do not include any catch-up component for the portion of the year which has already passed. Individuals affected will receive the full benefit of the tax changes upon assessment of their income tax return for the 2016-17 income year.
Tax Table Updates - What Action Do You Need To Take?
If you are online, then your software provider will be automatically updating the new Tax Scales for you.
If your software is stored locally and you have to perform upgrades manually, then you should receive an email from your software provider informing you of the above changes with information how to update your Tax Scales. Use the Updated Tax Tables link to view and download the changes if this hasn't happened.
Please give m+s group accounting a call for assistance on PH: (03) 5857 0888 if you are unsure of how to update your Tax Scales manually in programs such as Reckon and MYOB.