Do you pay your staff on a Monday or Tuesday?
Then please take note of the below information.
During the 2019/2020 financial year there will be 53 weeks instead of the normal 52 weeks.
As the tax tables in the software and also manually are based on 52 pays, the extra pay may result in insufficient amounts being withheld from your employees pays. You should let your employees know when this occurs so if they are concerned about a shortfall, they can ask you to withhold the additional amount in the table below:-
Extra withholding amount per weekly earnings
$725 to $1,699 – Additional withholding $3/Week
$1,700 to $3,499 – Additional withholding $4/Week
$3,500 and over – Additional withholding $9/Week
Should you be concerned or not sure if the above affects your business please do not hesitate to give our team a call.