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new tax tables

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Trusted Cover User TomD
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new tax tables

I watched the EOFY video regarding rolling over the payroll year and will need to finalise all of this this week. Our first payrun is Monday, 1 July.  I understand that after closing of the payroll year, I need to roll over and install the compliance update and install the new tax tables.

When will this be available?  I also wonder if there will be new tax tables as it seems that the normal tax tables and rates are actually unchanged ?

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Ultimate Partner GDay53
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Re: new tax tables

@TomD 

 

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

 

The compliance update is supposed to be released this week, usually done on Tuesdays but could be any day.

As you pay is on the 1st July does this mean that the employees worked in June for this pay?

If so then as the new rates only apply to the first full pay run worked after the 1st of July you should still use the old tax tables for the parun on the 1st July.

 

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
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Trusted Cover User TomD
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Re: new tax tables

Graeme

 

thanks for the reply and I will await the update over the next few days. With respect to the FY I am confused as the published information by MYOB clearly states that it is the payment date that is relevant.

http://help.myob.com/wiki/display/ar/Closing+a+payroll+year  (Task 1) and several other links online seem to confirm this.

Ultimate Cover User bungy15
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Re: new tax tables

Hi @TomD and @GDay53 

 

This is from the ATO website 

 

8D797241-FF8C-4DA3-BFF0-9DEF233D5166.jpeg

 

Cheers

Tracey

Trusted Cover User TomD
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Re: new tax tables

thanks Tracey

Ultimate Partner Kym__Yeoward
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Re: new tax tables

Hi @TomD - it's the Payment Date, that determines the relevant tax tables.

 

If employees are paid on or after 1 July, the 2019-20 tax tables apply.

Even if their pay included hours worked in June.

 

Kym Yeowarrd

Darwin (Palmerston)

Sunday 23 June

- where it's 28c and fine - with a cool southerly breeze from The Bight.

PenJ
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Re: new tax tables

Hi All, tax tables apply per pay date, regardless of when worked.

It is the award pay-rises that apply to the first full pay period, which is nothing to do with uploading the new tax tables but means you need to change all the award pay rates prior to processing pays for the first full period worked in the new tax year.

I hope that helps.

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