PAYG

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ChrissyEames
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PAYG

Hi Chris

 

I have checked the PAYG tax in MYOB and the calculation is incorrect.

 

I calculated how much PAYG tax needs to be paid for one month salary of $24,700 as per ATO tax table as follows:

cid:image001.png@01D5D856.F18044C0

 

                

               

The first amount of $14,997.66 paid is taxed at $4,810 and the remainder is taxed at 47%.  Refer to the formula at the bottom of the table.

 

MYOB calculated the tax as $6,916.  Can you check with MYOB why the PAYG calculation is incorrect?

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CloverQ
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Re: PAYG

Hi @ChrissyEames 

 

I'm afraid that the image attachment did not work. 

 

In AccountRight, how much tax is calculated will be determined by the tax table available in your AccountRight's version, as well as the PAYG set up in employee cards. 

 

First of all, I'd suggest going to Setup > General Payroll Information to check the 'Tax table revision date', the current tax table's revision date is 01/07/2019. Then please also drill into the employee card > Payroll Details > Taxes, what's the tax table selected there? Any rebates or extra tax entered there?

 

Any screenshots of the set up would be most helpful as well. Please do let us know the details, we are happy to assist further.

Kind regards,
Clover

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ChrissyEames
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Re: PAYG

Thank you for your response. After checking my settings in the card file, I discovered that I had changed the tax variation some time ago to 28% with a TWV. Thank you for your help.

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