accountright payg tax
I have run a report showing all employees with hecs/study debts. All payee cards have Tax Free Threshold + STSL selected I have checked ATO tax tables against MYOB PAYG WHTax and MYOB is deducting l...
Forum Discussion
Hi, lesleyjones
Thanks for your post.
Taxes are being calculated automatically based on the pay that you entered. Since there is a threshold, the amount differs. With this, we recommend speaking with your accountant, as they can provide you with further information.
Please feel free to reach out if you encounter any further issues.
Best regards,
Doreen
Hi lesleyjones
Actually this might be one for the ATO rather than your accountant. MYOB is calculating the correct amount according to the ATO formula provided to developers (NAT 3539 for 1 July 2023):
Where employee has claimed the tax free threshold in Tax file number declaration with or without leave loading Scale 2 WITH STSL Debt Weekly earnings (x) less than $ a b 359 0.0000 0.0000 438 0.1900 68.3462 548 0.2900 112.1942 721 0.2100 68.3465 865 0.2190 74.8369 930 0.3477 186.2119 1073 0.3577 186.2119 1138 0.3677 186.2119 1206 0.3727 186.2119 1278 0.3777 186.2119 1282 0.3827 186.2119 2394 /2 = (1197 * .3677)-186.2219 = 253.90 *2 = 508 (rounded)
1900/2 = (950 * .3477)-186.2219 = 144.09 * 2 = 288 (rounded)
It is a mystery the ATO's pdf tax tables give $520 and $308 respectively when you use the NAT 1006 + NAT 2185. I would suggest the formulas provided to the developers contained an error.
Regards
Gavin
