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This release is for Australian businesses using AccountRight Plus or Premier only.
If you’re in New Zealand, or use AccountRight Standard or Basics, you don’t need to install this update - 2018.2 is the latest version for you.
New PAYG tax tables apply from 1 July 2018. Install this update to ensure your business stays compliant.
Tax table changes
The top threshold of the 32.5% individual income tax bracket will rise from $87,000 to $90,000
The top threshold of the 32.5% Working holiday makers tax bracket will rise from $87,000 to $90,000
A new lower minimum repayment rate and threshold applies for HELP debts
A new tax offset called the Low And Middle Income Tax Offset (LAMITO) applies from July 1. People who qualifiy for LAMITO will recieve it as a refund with their tax return at the end of the new financial year, not as a change they'll see in their regular pay.
New Payrun Summary Details report
We’ve added a new report that lets you preview your pay run data before you record it and send it to the ATO (through STP). The Payrun Summary Details report gives you a more detailed view of the information you’re sending to the ATO, including each payroll category and the hours associated with it, and the total amounts for the current pay run.
You can generate the report during a pay run by going to the Process Payroll window > Employee Pays tab, and clicking Payrun Summary Details.
Complete these steps before your first pay run in July 2018:
Install the 2018.2.1 update when you are notified in AccountRight.
To check that the tax tables have loaded successfully, open your company file, go to the Setup menu and choose General Payroll Information. The tax table revision date needs to be 01/07/2018.
Need help preparing payment summaries?
Our EOFY videos are just what you need.
We’ll also have a team of EOFY experts ready to answer your questions at selected times during June and July on Live Chat.
If you’re using AccountRight Plus or Premier in Australia, you'll be prompted to update when you open your company file over the next few days, or you can download the AccountRight PC Edition now (subscription required).
If you need the MSI installer (for example you have terminal server or roaming profile network setup), download it here (subscription required)
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