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23rd October 2020: 

2020-2021 PAYG Withholding Tax Tables from 13^th October, 2020

The PAYG Withholding Tax Tables have now been updated to take into account the changes announced in the Federal Budget delivered on the 6^th October. Variations to personal income tax thresholds have been incorporated into the tax tables and will apply to payments made on and from 13^th October, 2020. As the changes to withholding have been made part way through the income year, employers have until the 16^th November to implement these changes. Employees will receive their entitlement to the reduced tax payable for the entire 2020-21 income year when they lodge their income tax return.

The updated PAYG Tax Tables 2020-21 as of 13th October 2020 are available from Lawyers Toolbar > Client Service Centre Icon > Other Downloads > ATO_TaxScales_2020-2021_13-10-20.zip. Save the zip file to a convenient location and open the zip file to access the txt file named ATO_TaxScales_2020-2021_13-10-20.txt, the txt file should be saved separately in readiness for loading into LawMaster.

The file should be imported into LawMaster before the 16th November, 2020. Following the import, you will have tax scales dated the 01/07/2020 and 13/10/2020 installed for the 2020-2021 financial year.  Do not remove or overwrite the 01/07/2020 tax scales.

An email providing further instructions will be sent out to clients who use the Payroll module.

The LawMaster Tax Tables will be updated for all Accounting Services clients as part of their normal payroll services and will be applied to all pays processed from Monday 26^th October onwards.

If you have questions or require assistance with loading the Tax Tables, please contact your Client Success Manager.

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