Tax Tables Post Election Issue

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  • Question
  • Updated 3 years ago
  • Answered

This could be important for anyone using Payroll:

Extract from ATO Website:
At the time of calling the Federal election, the income tax changes announced in the Budget had not been enacted by Parliament. As a result there will be no change to the majority of tax tables from 1 July 2016. The tax tables that have been updated are for HELP/SSL/TSL and SFSS due to the annual indexing of repayment amounts, and the Superannuation and ETP tax tables to include indexed cap amounts for the 2016-17 income year (where applicable).
End Of Extract

Full Document Here:

https://www.ato.gov.au/rates/tax-tables/

So if the 2016 tax update has been installed, will Reckon be calculating tax incorrectly ? Is a new Reckon Tax Update needed ?


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Steve Cook

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Posted 3 years ago

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Kevin Russell, Accredited Partner

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No.
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Sharon Towes, Alum

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Hi Steve, the only change made in Reckon One to PAYG for the 2016-17 income year is to the HELP/SSL/TSL and SFSS repayment percentages as per the ATO announcement.  We will make further appropriate changes when the legislation is enacted.
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Kevin Russell, Accredited Partner

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Sharon surely you mean if it is enacted. There is zero certainty it will be.
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Sharon Towes, Alum

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Hi Kevin, yes I mean if.
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Reckon FAQs, Employee

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Hi Steve,

The Reckon Accounts 2016 Tax Table update contains changes as outlined in the ATO statement you have quoted.  

When changes are legislated (which usually take effect from the start of the next financial year) we will release a Tax Table Update to accommodate those changes. 


regards,
John
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Felicity Van

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Hi,

I have just received an email from the ATO advising that new tax tables come into effect as at 1 October 2016.  Will we receive an update?