First pay runs of 2019FY using 2018 tax tables

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First pay runs of 2019FY using 2018 tax tables

Hi MYOB Community,

 

I just started a new position and doing a thorough check of the updates in MYOB I realised that the tax tables were not loaded for this new FY. If I go to Set Up - General Payroll Information - the tax table revision date is 01/07/2017.

Does anyone can provide some advice on how to "solve" this? Should I just update the tax tables, do a reconciliation of the amounts that have been already withheld vs the amounts that should have been withheld and transfer the difference to ATO?

 

I would appreciate any advice/guidance on this.


Thanks.

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Re: First pay runs of 2019FY using 2018 tax tables

Hi Astrid

To stay current with the Tax Tables for the new payroll year the subscription should probably be updated first

then load your tax tables and they will then show as current.

Once a payroll has been balanced and all the PAYG summaries are completed it should be saved and backed up,

both to your computer and a USB and if you are running cloud back it up there as well.

Prior to rolling over to the current payroll year which should have already been done and dusted by 14th August 2018.

Hope this helps

Veeva53

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Re: First pay runs of 2019FY using 2018 tax tables

Hi @AusFit

 

I would load the current years tax tables so going forward it is correct. There probbaly isn't much difference between the two tables for this year. However do a reconcilaition, and depending on the amount, decide what to do.

 

If you do remit any shortfall to the ATO, you need to process a payrun and effectively increase the Tax and reduce the net pay. You could do this in the next pay run, by simply adding the additional tax to the calculated figure.

 

 

 


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

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Re: First pay runs of 2019FY using 2018 tax tables

Thanks Ian. 

 

 

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