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Australian PAYG Tax Changes
The Government has announced tax relief for employees from 1 July 2020. Oracle will update and release these changes when possible. We are currently waiting on information from the ATO.
The new tax rates although effective from 1 July 2020 will not be backdated in the system. Employees must wait till they do their tax return at the end of the year to receive their refund if applicable.
Oracle will set a date when the new tax rates will be effective in the system when the patch is released (still to be determined). From this date employees will be taxed at the new rates. Retro will not refund the overpayment of tax prior to the new rates being applied.