New Tax Tables From 1 October 2016

Mike Purcell, Accountant, MSI TaylorBy Michael Purcell, MSI Taylor, Accountants, Brisbane.

Following on from a previous Federal Government Budget announcement the tax rates for individuals have changed for the 2016/17 year.

The Government has announced that from 1 July 2016 the marginal tax rate of 37 percent will start at $87,000 instead of $80,000. Individuals with a taxable income of more than $80,000 will benefit from this change.

For employers new tax tables and payroll software updates will apply from 1 October 2016.

If someone earns more than $80,000, from 1 October the employer will reduce the amount of tax being withheld from the pay. Any extra tax paid before the change is implemented will be credited when the persons individual 2017 tax return is lodged.

The relevant software provider should provide updates where applicable, or the new tax tables can be downloaded from the tax office site.

If you have any questions in regards to this change we recommend you seek professional advice.

Contact the author directly by email or by telephone.

Search for your local professionals

To find your local member, please use one of the options below:

Select a member from the following list



Contact Us

To contact one of our member firms in Australia and New Zealand, please complete the form below. All emails sent via this website are monitored on a daily basis.

    Send us a Message

    Please select a member firm from the map below to contact them directly:

    Members Map
    To view our global listings, please click here.