The threshold change from $80,000 to $87,000 is due to apply from 1 July 2016, however it's unlikely any legislation will be in place before that date.
While all tables will be updated for indexation (Medicare Levy and HECS/HELP etc) we are curious to see how the ATO will handle the tax cuts announced in yesterday's Budget. With end of financial year fast approaching, thought we'd remind those who are using Classic MYOB® that the 2016/17 PAYG tax tables will be released soon.
