Income Type under Taxes
Hi,
We are using MYOB AccountingRight for payroll and
both client and server have been updated to 2021.5.
When I opened an employee card, I noticed that there was a new option "Income Type"
under Payroll Details -> Taxes.
MYOB webiste explains that it's required by the ATO for the STP.
It's ok to select 'Salary and wages' from now on
but how about the existing employee's cards?
The income type is blank and the exported csv file doesn't have the column.
I don't think we can update the option by importing a csv file.
Thank you in advance.
Hi Taka_N
The new Income Type field on employee cards with the release of AccountRight 2021.5.1 is in preparation of STP phrase 2 which comes out at the end of the year. For the most part, most employees would be "Salary and wages", however, we do recommend checking out ATO site: Expanding Single Touch Payroll for more information on Income types and what each option entails.
While these changes are required when we do move to STP Phase 2, there is no requirement at the time or impact these will have. It is just ensuring that you do get ahead of the changes so you are not rushing at the end of the year, when it's already a stressful time.
