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Taka_N's avatar
Taka_N
User
3 years ago
Solved

Income Type under Taxes

Hi,   We are using MYOB AccountingRight for payroll and both client and server have been updated to 2021.5.   When I opened an employee card, I noticed that there was a new option "Income Type" ...
  • Steven_M's avatar
    Steven_M
    3 years ago

    Hi Taka_N 

     

    The new Income Type field on employee cards with the release of AccountRight 2021.5.1 is in preparation of STP phrase 2 which comes out at the end of the year. For the most part, most employees would be "Salary and wages", however, we do recommend checking out ATO site: Expanding Single Touch Payroll for more information on Income types and what each option entails.

     

    While these changes are required when we do move to STP Phase 2, there is no requirement at the time or impact these will have. It is just ensuring that you do get ahead of the changes so you are not rushing at the end of the year, when it's already a stressful time.

Steven_M's avatar
Steven_M
Former Staff

Hi Taka_N 

 

The new Income Type field on employee cards with the release of AccountRight 2021.5.1 is in preparation of STP phrase 2 which comes out at the end of the year. For the most part, most employees would be "Salary and wages", however, we do recommend checking out ATO site: Expanding Single Touch Payroll for more information on Income types and what each option entails.

 

While these changes are required when we do move to STP Phase 2, there is no requirement at the time or impact these will have. It is just ensuring that you do get ahead of the changes so you are not rushing at the end of the year, when it's already a stressful time.

Taka_N's avatar
Taka_N
User
3 years ago

Thank you very much, Steven_M