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New TFN and Tax Tables

lynn561237

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?

Thanks.

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Theresa_D

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.

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lynn561237

Hi Theresa,

The query refers more to the fact that the new TFN form combines HELP + FS together in a single option - but MYOB still has HELP and FS as separate options under Tax Tables. It is a query specific to MYOB as a product, not an ATO related query I would think?

Thanks.

Theresa_D

Hi @lynn561237

Thanks for your post. As this is a tax reporting and ATO related inquiry, I would suggest speaking with your accountant. Although I am not able to provide this information, we do have partners on the community forum who may be able to assist with this. Similarly you can contact the ATO for what situation is relevant for you.

I hope this clarifies. If your inquiry becomes resolved please mark 'Accept as Solution' to help other users with the same inquiry find this information easier.