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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.
Employers need to use the new tax tables when calculating PAYG withholdings for payments dated 1 October and later. Find out more on the ATO website.
What about the July to September pays?
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:
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 .
If you have issues updating, see our troubleshooting guide.
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