Payroll Tax
Hello,
I hope you are well. Just asking about the automatically computed tax in MYOB, it's $842.
Gross pay: $3,496.50
Tax: $842.00
Net Pay: $2,654.50
Superannuation Guarantee $349.65
but one of our employees is getting 799.12 as tax, I attached the screenshot that was sent by the employee. Would you be able to help me with how did we get the $842 tax?
Thank you so much.
Kind Regards,
Tiu
Hi Tiu,
If you're using the latest AccountRight version and you're connected to the internet, you'll always have access to the most up-to-date tax tables.
As per the ATO Fortnightly Tax Table and the details you've provided, $842 would be the amount of tax withheld from an employee with the Tax-free threshold - which the system is generating correctly. See below:
If your employee is still unsure about this, I would advise them to check with the ATO or a financial advisor for further queries regarding their Tax, however, if you have any further questions regarding the software - please let me know.
