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lynn561237's avatar
lynn561237
Trusted User
5 years ago
Solved

New TFN and Tax Tables

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.

  • Theresa_D's avatar
    Theresa_D
    5 years ago

    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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  • 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. 

     

     

    • lynn561237's avatar
      lynn561237
      Trusted User

      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's avatar
        Theresa_D
        Former Staff

        Hi lynn561237 

         

        Apologies, the only changes I'm aware of are shown below. I am not aware of the specifics you're looking at or how they compare to previous versions. 

         

         

        I hope this clarifies.