Extra tax deductions based on %
Is it possible to withold extra tax on an employees behalf, based on a percentage, rather than a dollar value?
Forum Discussion
We also have just had this requirement come up and I can't find a way to do it.
The related posts I've found seem to indicate that extra tax to be withheld can only be set at a fixed amount per pay, not a %.
One of the earliest posts on this question was in 2018. I am hoping in the 5 years since that post, something has changed/improved? If it is a standard PAYG request that employees can make, it would be nice if MYOB supported it.
Hoping I've just missed something and there is a way to do it.
While there is no set way to do this in MYOB, you can achieve the same thing in different ways. For example you could create a new payroll category under the Deductions tax and call it Extra PAYG Tax, Medicare Surcharge, or similar. Set it to 1% or 2% of gross wages and set the linked account the same as PAYG Withholding. For STP reporting, assign the payroll category the same way you do PAYG.
Regards
Gavin
Hi All
Thanks for your post.
As mentioned by gavin12345, you can create a new payroll category under Deductions. Once set up, have it linked to the same account as your PAYG Withholding. Make sure to select the correct ATO Reporting Category when setting up the payroll category. Also, choose the appropriate Calculation Basis. For further information regarding your concern, please check The Help Article: Deductions.
Please let us know if you require any further assistance with this. We are happy to assist.
Best regards,
Doreen
