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MYOB Essentials PAYG - TFN question

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djel
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MYOB Essentials PAYG - TFN question

Hi Team

I have MYOB Essentials and am self employed with 2 employees.

As I am new to MYOB Essentials, i added the employees into payroll but unknowingly chose the option that employee does not have a TFN.

Now when i run the PAYG summaries for the last quarter, it seems that PAYG is calculated at close to 50%.

 

Is this how MYOB essentials caculates PAYG when there is no TFN associated to an employee?

I have now added in the TFN details, is there a way to update these numbers to calculate PAYG totals properly?

 

regards,

dj

 

 

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MYOB Moderator Steven_M
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Steven_M
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Re: MYOB Essentials PAYG - TFN question

Hi @djel

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge


If an employee is not doesn't provide you with a tax file number you are required to withhold at the top rate of tax plus Medicare from any payment you make to the employee -see the ATO website for more information.

 

From an MYOB Essentials point of view, it will tax each pay individually based on the settings of the employee recorded at the time. If that information does change it will update the values going forward but not backdate them. Ideally, if the pays have already been processed I would be leaving it as it and pay correctly going forward. If you wish to address it in the current period, you could look at working out what the tax should have been and reduce the next few pay's PAYG value until that difference has been absorbed - best to speak to an accountant and the ATO to see if this is a viable method.

 

If required, you can adjust the PAYG value for an pay by clicking on the PAYG value when processing the pay and set it to the be required amount for example: 

 

Attachment.PNG

Kind regards,
Steven

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djel
2 Posts
Cover User
Australia
djel
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Re: MYOB Essentials PAYG - TFN question

Thank you for your response Steven. much appreciated.

 

regards

dj

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