Repercussion for not applying Tax Table update before first payroll


Comments
-
Only that the tax might be incorrect, which could be adjusted next pay if you wanted, but I heard there weren’t any changes to the normal tax scales. I wouldn’t bother changing anything1
-
Hi Mark
There are no changes to the standard tax tables, only to the Govt education loan (eg HECS etc) thresholds.
Therefore, if you’ve not yet installed the 2021 Tax Table Update patch & have any employees with Govt loan debts, I would recommend looking up the new table rates & manually adjusting their PAYGW accordingly.
You can view/download/print all the latest tax tables in PDF format here:
https://www.ato.gov.au/rates/tax-tables/#Taxtablesupdatedthatapplyfrom1July2020
Shaz Hughes Dip(Fin) ACQ NSW, MICB
Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)
Accounted 4 Bookkeeping Services
Ballajura, WA
0422 886 003
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
1