AUSTRALIA – SOME STATUTORY CHANGES WITH EFFECT FROM 1ST JULY 2016
1. Pay as you go withholding (PAYGW) – More information here * The following tax tables have not been updated but will continue to apply from 1 July 2016 Statement of formulas for calculating amounts to be withheld * The following tax tables have been updated but will continue to apply from 1 July 2016 Statement of formulas for calculating HELP, SSL, TSL and SFSS components
2. Employment Termination Payments (ETP) -Tax-free limit for the financial year of 2016-2017 is $9,936 plus $4,969 for each year of completed service (previously was $9,780 plus $4,891 for FY 2015-2016). More information here
3. Superannuation * Maximum super contribution base per quarter will be increased from $50,810 to $51,620. * Rate – the super guarantee rate for financial year 2016-2017 will remain the same as financial year 2015 – 2016
4. Payroll Tax