Hi,
One of our employeees received a message from the ATO telling them that theu have to make a compulsory repayment in 2023-24 on their Study Loan and that the Employer will have to take extra tax to ensure that a lump sum is not due at the end of 2024FY. Do your 2024 Tax Tables include this increase? Thanks JoC94
Hi, JoC94
Thanks for your post, and welcome to the MYOB Community Forum.
If your employee needs to repay the Study Loan, make sure your Tax table is updated. Once the Tax table is updated, it already has the increase or correct calculation. You may refer to The Help Articles: PAYG tax tables and Taxes for more information. However, if you are unsure which Tax table to use, we highly recommend speaking with your accounting advisor or with the ATO.
Please let us know if you require any further assistance with this.
Best regards,
Doreen
