ATO releases 2014-15 tax tables
25 June 2014
The ATO is updating its tax tables to help businesses work out their obligations to employees this tax time.
From 1 July 2014 businesses should use the ATO’s new tax tables to calculate how much to withhold from payments to their employees.
This year’s tax tables include the following key changes:
- the increase to Medicare Levy from 1.5 to 2 per cent
- the introduction of the Temporary Budget Repair Levy for employees earning more than $3,461 per week ($180,000 per year).
Employers should remember:
- to use the new tax tables from 1 July 2014 to calculate how much to withhold from payments to employees
- to withhold 49 per cent of any payment made to an employee if they have not provided their tax
- to withhold 49 per cent from any payment made to a business which supplies goods or services and does not quote their Australian business number.
Employers also need to provide employees with a payment summary, covering payments made to employees in the 2013-14 financial year, no later than 14 July 2014 and lodge a PAYG payment summary annual report no later than 14 August 2014. It is important to provide all employees with payment summaries, even if no tax was withheld.
Employers with AUSkeys can lodge their payment summary annual report quickly and easily via the Business Portal External Link .
Employers affected by these changes and need the updated tax tables should visit ato.gov.au/taxtables or call the ATO on 1300 720 092.
Last modified: 06 Mar 2015 QC 40872Source: www.ato.gov.au