Personal income tax cuts from 01/07/2020 released in the federal budget on 06/10/2020

[va1]

Will MYOB be releasing an update on the tax tables.

How will the tax be amended for the pays that have already been processed from 01/07/2020

[Neil_M]

Hi @va1 

Currently our team are investigating all options with regards to all tax table changes for all of our relevant products. At this stage I am unable to provide a specific timeframe as to when these investigations will be complete and any applicable updates released

[TaniaAUA]

I am hoping those pays already processed will be addressed when the next tax return is prepared and employees refund includes the additional tax paid for the time until the tax tables are issued.

[PBlanc]

I understand Royal Assent was granted for the legislation for these Budget tax changes today (Monday 12-Oct-20).  When will the Payroll tax tables be updated in MYOB?

[Melisa_D]

Hi All, 

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.