Part year tax free threshold not calculating correctly for Resident

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Susanpsz
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Part year tax free threshold not calculating correctly for Resident

Good afternoon

 

We have a client who became resident on 1/3/2013 for the 2013 year.

 

We have entered the correct information in A2, i.e Commenced (C) on 1/3/13 and the tax should be calculated using a  tax free threshold of $6,067 (4 months). However, the estimate has a different amount for the tax free threshold (i.e. $15,043), does anyone have any idea what have gone wrong? 

 

 

 

 

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MYOB Moderator Linda_K
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MYOB Moderator
Australia
MYOB Moderator

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Re: Part year tax free threshold not calculating correctly for Resident

Hi @Susanpsz,

 

Thank you for your post and welcome to the Community Forum.  We hope you find it a valuable resource.

 

$15,043 is correct for the 4 month of residency.  Please refer to the following ATO webpage for more information:

 

https://www.ato.gov.au/General/Tax-terms/In-detail/Employment,-income---tax-returns/What-is-the-tax-...

 

Cheers,

Linda
Practice Solutions Support
MYOB Australia Pty Ltd
Susanpsz
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Australia

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Re: Part year tax free threshold not calculating correctly for Resident

Thanks a lot!

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