Did You Know? This Financial Year Has 27 Fortnightly Pays And 53 Weekly Pays!

Posted Under: Accounting and Taxation Posted On 12/07/2015

 

This financial year has 27 fortnightly pays instead of 26, and 53 weekly pays instead of 52.

The additional pay day will mean that amounts withheld from salary or wage payments made to many employees will not cover the amount payable when they lodge their tax returns. Those who normally expect to receive a small tax refund at the end of the year are likely to find that they owe tax.

To cover any possible shortfall in tax, employees may request to have an additional amount withheld from their earnings.   Alternatively, any possible shortfall can be made up when completing the tax return.

If you would like more information about how much extra you will need to withhold in each pay, visit the website –

https://www.ato.gov.au/Business/PAYG-withholding/In-detail/Reporting-and-paying-to-us/Withholding-for-27-fortnightly-or-53-weekly-pays-in-a-year/