This release is for Australian businesses using AccountRight Plus or Premier only.
If you’re in New Zealand, or use AccountRight Standard or Basics, you don’t need to install this update.
The Australian government has announced that new PAYG tax tables apply from 1 October 2016. That means you’ll need to load new tax tables into AccountRight once more.
From 1 October 2016, several tax tables will change - the Medicare levy reduction threshold has increased for some employees, and the 37.5% tax rate will apply to employees who earn $87,000 per year, up from $80,000.
According to the ATO, “Updated tax tables do not include any catch-up component for the portion of the year which has already passed. Individuals affected will receive the full benefit of the tax changes upon assessment of their income tax return for the 2016-17 income year.”
You don’t need to make any adjustments for July to September pays. Just make sure you install the 2016.2.2 update and load the new PAYG tax tables before your first pay run in October.
What do I need to do now?
Complete these steps before your first pay run in October 2016:
Install the 2016.2.2 update when you are notified in AccountRight.
Open your company file, go to the Setup menu and choose Load Payroll Tax Tables.
Click Load Tax Tables.
If you have more than one company file, repeat these steps in each file.
To check that the tax tables have loaded successfully, open your company file, go to the Setup menu and choose General Payroll Information. The Tax Table Revision Date field will show 01/10/2016.
How to update
If you’re using AccountRight Plus or Premier in Australia, you'll be prompted to update when you open your company file. If you need it sooner, you can download the update from my.myob.com.au .
When installation is complete, you won’t see a confirmation message. You can restart AccountRight immediately after installing the update.
You won’t see a new desktop icon for the 2016.2.2 release. You can keep using the AccountRight 2016.2 icon to open AccountRight.
Your company file won’t need upgrading, which means computers using 2016.2.0, 2016.2.1 or 2016.2.2 can be used to work on your file (but you should still install this update on all computers).
If you use Server Edition 2016.2.0 or 2016.2.1, you will be notified that an update is available, however you can’t install the update from AccountRight’s notification window. You’ll need to uninstall your existing 2016.2.x release, download the full 2016.2.2 Server Edition installer from my.myob.com.au and then install it on the server.
If you download the full 2016.2.2 PC installer from the my.MYOB website, you will need to uninstall your existing 2016.2.x software before you can install the new version. To avoid having to do this, download the “update” or “patch” installer instead (look for a .msp file), or update from within your AccountRight software.