Repercussion for not applying Tax Table update before first payroll

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Are there any repercussions with not having the 2021 Tax Table installed before our first new Financial Year payroll?
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Mark Saunders

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  • unsure

Posted 1 month ago

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Kris Williams

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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 anything

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

shazinoz2@bigpond.com

www.accounted4bs.com