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Budget 2020 income tax cuts: It’s time to update your payroll, ATO says – SmartCompany.com.au
The ATO has updated its tax withholding schedules, to reflect the personal tax cuts announced in this year’s federal budget.
The Australian Taxation Office has updated its tax withholding schedules, to reflect the personal tax cuts announced in this years federal budget.
The tax cuts apply to the 2020-21 financial year and passed in parliament last week.
Now, employers must make adjustments in their payroll systems to ensure the changes are correctly reflected in employees pay packets.
Businesses have until November 16, 2020, to implement the changes into their payroll.
But, the changes will apply to all payments …
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