Forum Discussion

CHBA's avatar
CHBA
Member
7 months ago
Solved

Tax free threshold if earning over $3400/week

I have been unable to find clarification in the forum, so am starting a new question.

 

Using this specific from the PAYG Tax Table (2025) as an example: "When an employee is claiming the tax-free threshold & the employee earns more than $3,400 (but less than $3,653), withhold $968 plus 39 cents for each $1 of earnings in excess of $3,400". 

 

I am wondering does MYOB (AccountRight) calculate this extra tax automatically once the threshold amount/limit has been reached? Will it be calculating the $968 plus 39c for every $1 of earnings in excess of the $3,400? Or do we need to be adding this manually? 

  • Myob will calculate it for you.  If you were paying them $3,600 it would calculate $1,046 tax.  Which if you do the formula is correct.

2 Replies

  • Julie_A_C's avatar
    Julie_A_C
    Ultimate Cover User
    6 months ago

    Myob will calculate it for you.  If you were paying them $3,600 it would calculate $1,046 tax.  Which if you do the formula is correct.

  • CHBA's avatar
    CHBA
    Member
    6 months ago

    Awesome, thanks for your response 🙂

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