Tax rates have changed as of 01/07/11 to incorporate the Federal Governments Flood Levy.
What this means for Employers:
The amount you withhold from your employees wages will increase. If you are not upgrading your accounting software, make sure you request a copy of the new Tax Tables to allow you to withhold the correct amount of tax for your staff. These are available now on the ATO website [click here]
This will need to be completed manually if using an older version of MYOB or Quickbooks. If you overlook this important update, your staff could be adversely impacted when tax times comes around, as they may end up owing money to the ATO.
