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Tuesday 31 July 2012

2012-13 PAYG Withholding tax tables released

From July 1, 2012, the Government has adjusted tax thresholds and tax rates to assist low and middle income households to meet the increasing costs resulting from the introduction of the clean energy legislation.
Further, the temporary flood and cyclone reconstruction levy (flood levy) will cease from July 1, 2012.
To assist employers in withholding the correct amount of tax, the Tax Office has now released the 2012-13 financial year tax tables
The tax tables on the Tax Office website cover the following:
  • Regular payments, including weekly, fortnightly, monthly and quarterly tax tables;
  • Statement of formulas that assist employers in calculating amounts to be withheld and the HELP component;
  • Other weekly tax tables, including tax tables with no and half the Medicare levy and tax tables for senior Australians;
  • Tax tables for exempt employees; and
  • Tax tables for Superannuation payments, Medicare levy adjustments, and a wide variety of other tax tables
To access the tax tables, click here.

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