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Australian Tax Rate Changes from 13th October 2020
The tax changes announced in the October budget are effective from 13th October 2020. However, due to the late provision of information the ATO has provided guidance that payroll software and therefore employers have until the 16th November 2020 to implement the change in their payroll systems.
Oracle is currently scheduled to release the patch for these changes on Oct 28th 2020.
The tax tables in the system must have an effective start date. However, the effective start date cannot be 1 July 2020 or 13 Oct 2020 as this would cause large amounts of retrospective processing that is not required as per ATO announcement. Therefore, Oracle has chosen an effective start date of the 9th November 2020 for the tax tables in the system. We believe that this will provide enough time after the scheduled 28th October release date for customers to test and implement the changes into their production systems by the 9th November.