PAYG withholding – new ATO schedules
If you have employees, you need to make adjustments in your payroll processes and systems to ensure the personal tax cuts announced in the Federal Budget 2020–21 (and which are now law) are reflected in your employees’ take-home pay.
You must make sure you withhold the correct amount from salary or wages paid to employees for any pay runs processed from no later than 16 November 2020 onwards.
The ATO has updated the tax withholding schedules to reflect the tax cuts. They are available on the ATO website.
Ref: TaxWise Business November 2020