The Federal Budget 2023-24 was delivered by the Australian government on 09 May 2023. No changes to personal income tax rates and thresholds. The updates that were made on 13 October 2020 to Schedule 1 and the regular tax tables, will continue to apply to payments made from 1 July 2023. ATO has released Schedule 8 – Statement of formulas for calculating study and training support loans components and study and training support loans weekly, fortnightly and monthly tax tables, due to the annual indexing of the repayment income thresholds. These new rates will apply from 1 July 2023.
The Position Statement has been revised to include more details about these legislative updates and the patch availability. We encourage our customers to review the position statement regularly to keep up to date. The Position Statement can be found on My Oracle Support, Document ID 2945378.1