Mannion's Blog

New PAYG Tax Tables from 1 October 2016

Mannions Business Services - Thursday, September 22, 2016

We produce a range of tax tables to help you work out how much to withhold from payments you make to your employees or other payees. A tax withheld calculator that calculates the correct amount of tax to withhold is also available.

In
the May Budget the government announced changes to individual tax rates for the 2016-17 income year. Legislation dealing with those announced rates was introduced to Parliament on 31 August 2016. As a result a number of tax tables have been updated to apply from 1 October 2016. Those tax tables that have not been updated will continue to apply.

Updated tax tables
do not include any catch-up component for the portion of the year which has already passed. Individuals affected will receive the full benefit of the tax changes upon assessment of their income tax return for the 2016-17 income year.

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