Termination Pay Tax Withheld
Hi, I am doing a final pay for one employee. I calculated the tax as per ATO guidelines. But the tax witheld amount i calculated is more than three times the tax MYOB is suggesting. Is this corre...
Forum Discussion
Hi yoshu,
That sounds like a tricky situation! Tax calculations on termination pays can sometimes be complex, especially with unused leave included. That said, since tax calculations need to be accurate, it might be best to check with your accountant or the ATO directly to ensure you're withholding the correct amount before processing the payment.
Hopefully, someone in the community with tax expertise can help clarify things for you.
Regards,
Sai
