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August 2019
August 2019
Hi,
The new TFN form only has 1 option for HELP & FS but MYOB has them down as separate options under Tax Tables... Which option should we select if the employee has ticked 'Yes' to the question?
Thanks.
Solved! Go to Solution.
August 2019
August 2019
Hi @lynn561237
Thanks for your post. As this is a tax reporting and ATO related inquiry, I would suggest speaking with your accountant. Although I am not able to provide this information, we do have partners on the community forum who may be able to assist with this. Similarly you can contact the ATO for what situation is relevant for you.
I hope this clarifies. If your inquiry becomes resolved please mark 'Accept as Solution' to help other users with the same inquiry find this information easier.
Cheers,
Theresa
MYOB Community Support
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August 2019
August 2019
Hi Theresa,
The query refers more to the fact that the new TFN form combines HELP + FS together in a single option - but MYOB still has HELP and FS as separate options under Tax Tables. It is a query specific to MYOB as a product, not an ATO related query I would think?
Thanks.
August 2019
August 2019
Hi @lynn561237
Apologies, the only changes I'm aware of are shown below. I am not aware of the specifics you're looking at or how they compare to previous versions.
I hope this clarifies.
Cheers,
Theresa
MYOB Community Support
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August 2019
August 2019
Hi Theresa,
Sorry I should have included screenshots to give a better picture. This is what I mean:
As you can see below the TFN form has a single option for HELP, FS, VSL, SSL and TSL. But when selecting the Tax Table in MYOB (also as below), FS and HELP are listed separately. So do you then select HELP, FS, or HELP + FS in MYOB?
This
August 2019
August 2019
Hi @lynn561237
Thank you for clarifying and providing the screenshots. For this selection it will depend on what is relevant to the employee, MYOB just provides these options. So if only one applies, select the relevant one, if both apply you can select Tax free threshold HELP + FS. If you're still unsure of which to select then it's a question for the employee or your tax accountant.
I hope this clarifies. If this answers your inquiry please mark ‘Accept as Solution’ so other users can find this information easier.
Cheers,
Theresa
MYOB Community Support
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August 2019
August 2019
Hi @Theresa_D
Thanks for clarifying. We also found out via a couple of tests that there doesn't seem to be any difference when selecting just Tax free threshold + HELP, or Tax free threshold + HELP + FS, or Tax free threshold + FS. So all good I guess :-)
August 2019
August 2019
Hi @lynn561237
I'm glad it's all sorted now! Feel free to utilize the forum if you have other inquiries, tips or advice.
Cheers,
Theresa
MYOB Community Support
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September 2019 - last edited September 2019
September 2019 - last edited September 2019
Personally I think MYOB should update its product in line with the ATO. That is, there are no longer three different outcomes for student loans, ie. FS, HELP, or FS + HELP.
The employee only answers YES or NO for question #10 on the TFN Declaration form so the MYOB software should be bought in-line with this to avoid confusion.
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