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
