Tax rate changes for 2020-21

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Tax rate changes for 2020-21

Any word on when the ATO will have the new tax rates ready for implementation?

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Re: Tax rate changes for 2020-21

Hi @DeannaK

 

Thank you for your post. We are aware of the current proposed tax table changes announced recently with respect to the recent Government Budget. At this time, we are awaiting for the ATO to publish the updated tax table rates before we look at making changes to the software.

 

If there is a requirement to updating the PAYG tax tables within our software we will be releasing an update to clients ahead of the proposed date of those changes.

Cheers,
Melisa

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Re: Tax rate changes for 2020-21

Per ATO website the changes impact from payments made today onwards

https://www.ato.gov.au/Rates/Tax-tables/

As we are doing a payrun today do we just use the old rates and it will be washed out in indivdiual tax returns next year?

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Re: Tax rate changes for 2020-21

I had a gut feeling something would happen today! 

I also had payroll this morning so my employees will have to wait another pay period.

Information I have read has suggested what you said @KellyH95, people will get the July to now extra bit back when they do their return next year.

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Re: Tax rate changes for 2020-21

Hi @KellyH95@DeannaK

 

Thank you for your posts. Our team are working on this and they expect to have an update available for these changes before the 16th November 2020 deadline. More information and updates will be available on the following post - Tax Table Update - Oct 2020. 

 

Please do let us know if you have any further questions. 

Cheers,
Melisa

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Re: Tax rate changes for 2020-21

@Melisa_D    -   I am an AccountEdgePro V18.2 offline, All I need is an updated tax table to download (same as each financial year)- Is there an ETA for this to be available on my.myob console?  How will we be notified?  Doesnt seem like something that would take until Nov 16th as per your post (which sounds like time needed for more complex updates) -Thanks Jodi 

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Re: Tax rate changes for 2020-21

Hi @RG5000

 

Thank you for your post. We are looking into the AccountEdge product range in relation to the updated PAYG tax tables to see what actions are required to allow those updated to be used by clients. As soon as we get an update on this, I will update you on this post. 

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Melisa

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Re: Tax rate changes for 2020-21

Is there an ETA on the tax tables for MYOB as yet?

 

Other accounting programs have already supplied these so employees can be paid at the new tax rate.

 

I know it will all be fixed up at end of financial year, it would just be nice to be able to pass these on to our employees ASAP.

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Re: Tax rate changes for 2020-21

I saw an email with a post that said next week.  But I can not get into that post as I don't have 'access to this resource'.  The thread was "Tax Table Update - Oct 2020".  Here is the link from the email.  Re: Tax Table Update - Oct 2020 

It seems like this is where the good information is, but not sure if anyone can access it!

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Re: Tax rate changes for 2020-21

Hi @MalKleenduct

 

While waiting for MYOB to release the update for new tax tables you can calculate the tax payable and edit the PAYG in each employees's pay. It's a long way around but until MYOB prioritize this and update the tax tables it's the only way to pay our employees correctly according to the new tax tables.

 

Can you please advise of the accounting programs that have already updated their tax tables?

 

Thank you

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