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

5. Public Holidays for each state

 

 

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