How often have you wanted to know if the PAYG withheld from your wages has been correct?
And if you’re an employer, how difficult has it been to calculate the correct amount of tax to be withheld from your employee’s wages ?
Well, here’s a cute link……
When you click this link, you’ll land on a page that asks some very basic questions.
The majority of the answers are already pre-filled.
All you need do is change the following.
- Payee receives payments weekly, fortnightly, monthly
- Gross earnings in whole dollars
- Whether or not there is a HECS or Supplement Loan being repaid
Then click CALCULATE and voila, there’s the correct amount determined by the ATO.
Assume someone is earning $1,200 per week. The correct tax/PAYG to be withheld will be $275 therby leaving a Net Pay of $925.
About The Author
Warren Kruger is an Australian Tax Specialist and Advisor.
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