Good morning,
I have just tried to complete the first payroll for the new financial year and the tax rate on our pays is very low - incorrect. ie Gross wages $1800 - tax rate $39. I have checked the date on the tax update and it says the 1st of July. Would really appreciate some insight as we need to pay the wages today (Wed 10th July).
Thank you
Hi there FiLok
It seems like there was a tax rate decrease starting from July 1, 2024, which might explain the lower PAYG amount you're seeing on your pays. You can check this link for more information. It's also important to double-check that none of your payroll categories are exempted from PAYG, as this could also affect how taxes are calculated. I have also here a link on how to check why PAYG is calculating incorrectly. It's under FAQ's. Just let me know if you need further assistance.
Best regards,
Doreen
