Is tax being taken correctly
Hi there,
I had an employee question the tax being taken from their pay each week.
Their tax code is
Tax Free Threshold + STSL
On $1216 = total tax taken $237
However when I look this up in the tax tables as of 1 July 2024
For $1216 $ $213 plus the STSL $$30
Total Tax $243
Why is there a difference?
Thank you
Tania
I have the ATO app on my phone and it shows that a person earning $1216 for a week, claiming the tax free threshold and with a study or training support loan will now pay $237 in tax each week.
Remember the govt changed the tax tables from 1 July and anyone earning over the tax free threshold will see an increase (of some description) in their take home pay. The discrepancy you see may simply be because of the rounding process when calculating manually - the ATO may allow for error when using their excel worksheet. MYOB has updated the tax tables for they FY so they will be correct.
