Christmas period tax impact

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Jeanette1
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Christmas period tax impact

We have a fortnightly pay period and receives time sheets for casual workers.  We want to close before Christmas which means the pay period would be cut 5 days short before Christmas.  This means we will pay them for 9 days and when we get back pay for 19 days.  Because we are using fortnightly tax tables in myob the 19 day pay period results in very high tax.  Any suggestions as this is the first time we close for Christmas. Thanks 

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MYOB Moderator Tracey_H
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Re: Christmas period tax impact

Hi @Jeanette1 

 

Generally speaking you can manually calculate the correct amount of PAYG and overtype the amount when processing the payrun.  When it comes to tax though I do recommend that you check the correct amount to withhold with the ATO.

 

Please let me know if you need further help.

 

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

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Ultimate Partner GDay53
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Re: Christmas period tax impact

@Jeanette1 

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

I think you are over complicating it.

The simple fact is your fortnight pay period does not changes you just pay it a little early.

Also as you will be closed your staff will either be on Public Holiday Leave or Annual Holiday Leave.

Calculate the nu,ber of Holiday and Public Holidays up to and included in the fortnight and pay that amount on the day you close. Then do the same for the next fortnights pay which you pay when they return.

No need to go changing tax or anything.

 

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner

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