Hi all,
I am trying to run my payroll for last week (24 - 28th June) which i always run the following monday but my tax tables have already automaticly updated already to show the revision date of 1/7/24 which means my staff pays will be getting the new tax table for their final weeks pay in June. How do i change this so the tax tables are the old ones while i process their pays for last week?
Hi Mely1
I see you're having a bit of a hiccup with your last payroll transactions. Generally, if your payroll payment date falls on or after July 1st, the new tax tables will automatically apply. To ensure your staff's final week's pay in June uses the old tax tables, you'll need to adjust the payment date. Reverse the transaction if needed, and make sure the payment is dated on or before June 30th. This should maintain the old tax tables for that payroll period.
Feel free to get in touch if you need more help.
Cheers,
Princess
If the payment is being made in July then the new tax rates apply and this pay cycle is part of the 2024/25 financial year
The wording says to apply new rates for the 'first full pay period in the new year' so the payment date should simply be backdated to include the last pay period in the previous year.
Hi OzTara
What wording are you referring to - can you provide a link. PAYG withholding rates are always based on the date of payment. Wages increases are different and these apply to the first full pay. Curious to see where this states otherwise.
Regards
Gavin
as mentioned above, tax tables apply for all pays from 1/7, new pay rates apply from first full pay commencing on or after 1/7.
I have an issue where one of my client files hasn't updated to 1/7/24 tax tables but also not prompting any upgrade - what version should we be on now? Accountright
Hi DebWilson
It seems like there's an issue with the tax tables not updating to the 1/7/24 version in one of your client files. This could be due to a variety of reasons, such as the software not being updated to the latest version. As for the version you should be on, you may refer to this helpful article about MYOB Business release notes that has the latest version update details in the software. Let me know if you have other queries!
Kind regards,
Shella
Software was current, turns out a technical back end issue that MYOB had to fix - really disappointing that we can't rely on this software to update as it is supposed to. One of my clients processed pays not realising the software had failed to update
