ATO concedes error on tax withholding calculator

The tax office has admitted to making an error on its tax withholding calculator, which may have caused employers who used it to withhold more than required.

According to the ATO, an error in its tax withheld calculator from 1 to 11 July 2018 affected the calculation of Higher Education Loan Program (HELP); Student Start-up Loan (SSL); Trade Support Loan (TSL); and Student Financial Supplement Scheme (SFSS), causing the amount of withholding calculated to be slightly higher than required.

Read the full article at Accountants Daily.

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