In October 2020, the Australian Government brought forward already approved income tax cuts for employees in the form of lowered PAYG withholding rates, back dated to 1 July 2020. As a result of this early update, tax scales will be remaining the same for the 2021/22 financial year.
Because employee PAYG tax withholding rates were not changed until part way through the 2020/21 financial year, any taxes paid at their previous rates can be returned through their regular 2020-21 EOFY tax return.
The Study and Training Support Loans (STSL, also known as HECS, HELP and SFSS) rates are changing and as with the release of regular tax scale updates, Sybiz Visipay will prompt users to install new tax rates when processing the first pays for the relevant period.
After rolling into the new financial year in Sybiz Visipay, you should be prompted to apply tax scales for the 2021/22 financial year.
At any time, you can hover your cursor over the Tax Scale Status option in the top right of Sybiz Visipay. This will display the current tax scale and any tax scales that have been downloaded (typically for the coming financial year) but have not yet been applied.
