October 2020 update on personal income tax thresholds. New 2020 tax tables are available.
Changes to personal income tax thresholds announced by the Federal Government during the Federal Budget have been incorporated into the withholding schedules and 2020 tax tables.
They will apply to payments made on and from 13 October 2020.
As the changes to withholding are made part way through the income year, employers and other payers who are unable to immediately implement these changes into their payroll will have until 16 November 2020 to do so.
Employees and other payees will receive their entitlement to the reduced tax payable for the entire 2020-21 income year when they lodge their tax return.