New tax tables for 2014-15

The Australian Taxation Office has updated its tax tables for 2014-15.From 1 July 2014 businesses should use the ATO’s new tax tables to calculate how much to withhold from payments to employees.Remember 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 to lodge a PAYG payment summary annual report no later than 14 August 2014. The ATO advises that it is important to provide all employees with payment summaries, even if no tax was withheld.The new tax tables can be downloaded from the ATO website.