Forum Discussion

lynn561237's avatar
lynn561237
Trusted User
5 years ago
Solved

New TFN and Tax Tables

Hi,  The new TFN form only has 1 option for HELP & FS but MYOB has them down as separate options under Tax Tables... Which option should we select if the employee has ticked 'Yes' to the question? ...
  • Theresa_D's avatar
    Theresa_D
    5 years ago

    Hi lynn561237 

     

    Thank you for clarifying and providing the screenshots.  For this selection it will depend on what is relevant to the employee, MYOB just provides these options.  So if only one applies, select the relevant one, if both apply you can select Tax free threshold HELP + FS. If you're still unsure of which to select then it's a question for the employee or your tax accountant. 

     

    I hope this clarifies. If this answers your inquiry please mark ‘Accept as Solution’ so other users can find this information easier.

Theresa_D's avatar
Theresa_D
Former Staff

Hi lynn561237 

 

Apologies, the only changes I'm aware of are shown below. I am not aware of the specifics you're looking at or how they compare to previous versions. 

 

 

I hope this clarifies.

lynn561237's avatar
lynn561237
Trusted User
5 years ago

Hi Theresa,

 

Sorry I should have included screenshots to give a better picture. This is what I mean:

 

As you can see below the TFN form has a single option for HELP, FS, VSL, SSL and TSL. But when selecting the Tax Table in MYOB (also as below), FS and HELP are listed separately. So do you then select HELP, FS, or HELP + FS in MYOB?

 

This TFN.JPGMYOB.JPG

  • Theresa_D's avatar
    Theresa_D
    Former Staff
    5 years ago

    Hi lynn561237 

     

    Thank you for clarifying and providing the screenshots.  For this selection it will depend on what is relevant to the employee, MYOB just provides these options.  So if only one applies, select the relevant one, if both apply you can select Tax free threshold HELP + FS. If you're still unsure of which to select then it's a question for the employee or your tax accountant. 

     

    I hope this clarifies. If this answers your inquiry please mark ‘Accept as Solution’ so other users can find this information easier.

    • lynn561237's avatar
      lynn561237
      Trusted User
      5 years ago

      Hi Theresa_D 

       

      Thanks for clarifying. We also found out via a couple of tests that there doesn't seem to be any difference when selecting just Tax free threshold + HELP, or Tax free threshold + HELP + FS, or Tax free threshold + FS. So all good I guess :-) 

      • Chuck_Mak's avatar
        Chuck_Mak
        Partner
        5 years ago

        Personally I think MYOB should update its product in line with the ATO.  That is, there are no longer three different outcomes for student loans, ie. FS, HELP, or FS + HELP.

         

        The employee only answers YES or NO for question #10 on the TFN Declaration form so the MYOB software should be bought in-line with this to avoid confusion.