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JadeX01's avatar
JadeX01
User
4 years ago
Solved

Budget Tax Updates

Hi Team,

 

We are aware that ATO is applying updated tax table to calculate the individual tax withheld. but MYOB's tax table has not been updated. Could you please let us know when the new tax table will be in place? What we should do to get it updated?

 

Thanks,

  • Melisa_D's avatar
    Melisa_D
    4 years ago

    Hi JadeX01, 

     

    Thanks for your post. Our team are working on this and they expect to have an update available for these changes before the 16th November 2020 deadline. More information and updates will be available on the following post - Tax Table Update - Oct 2020. 

     

    Please do let us know if you have any further questions. 

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  • Melisa_D's avatar
    Melisa_D
    Former Staff
    4 years ago

    Hi JadeX01, 

     

    Thank you for your post. We are aware of the current proposed tax table changes announced recently with respect to the recent Government Budget. At this time, we are awaiting for the ATO to publish the updated tax table rates before we look at making changes to the software.

     

    If there is a requirement to updating the PAYG tax tables within our software we will be releasing an update to clients ahead of the proposed date of those changes.

     

    Please do let us know if you have any further questions. 

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

    • JadeX01's avatar
      JadeX01
      User
      4 years ago

      Hi Melisa_D ,

       

      It looks like that ATO has applied updated tax table on and from 13 Oct 20, see link https://www.ato.gov.au/Rates/Tax-tables/

       

      With updating tax table, it would affect us a lot. Would you be able to provide a timeframe that when we can expect MYOB release an update?

       

      Thanks,

      • Melisa_D's avatar
        Melisa_D
        Former Staff
        4 years ago

        Hi JadeX01, 

         

        Thanks for your post. Our team are working on this and they expect to have an update available for these changes before the 16th November 2020 deadline. More information and updates will be available on the following post - Tax Table Update - Oct 2020. 

         

        Please do let us know if you have any further questions.