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October 2020 Newsletter and Implementing the New Tax Cuts

Inside this month we explore: 

  • JobKeeper: The next steps
    • Wrapping up JobKeeper
    • Is my business eligible for JobKeeper payments from 28 September?
    • Identifying the JobKeeper payment rates
  • Preventing a tsunami of insolvencies 
As always, please get in touch with our office should you wish to discuss any of the content further.
Read More Here

Tax cuts and implementing the new tax withholding schedules

The ATO has now updated the tax withholding schedules to reflect the 2020–21 income year personal tax cuts which have passed through parliament.

Updated schedules are available at ato.gov.au/taxtables

Employers need to make adjustments in their payroll processes and systems in order for the tax cuts to be reflected in employee’s take-home pay.

Employers must make sure they are withholding the correct amount from salary or wages paid to employees for any pay runs processed in their system from no later than 16 November onwards.

XERO, MYOB and Quickbooks have all announced that they are working on releasing updates to incorporate the new tax tables and will have them in place before the 16 November deadline.

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