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2020-11-16 15:40:05Product UpdatesEnglishAfter you analyse the current cash situation and develop a forecast, you can focus on identifying the best ways to manage cash flow.https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2020/11/TaxTables.jpghttps://quickbooks.intuit.com/au/resources/product-updates/new-payroll-tax-tables/Stay compliant with new personal income tax rates

Stay compliant with new personal income tax rates

1 min read

QuickBooks Payroll, and PAYG remains compliant and up-to-date. Your next pay run will be calculated according to the most recent ATO changes.

Here’s what’s new:

  • Weekly, fortnightly and monthly tax tables for Australian residents.
  • Tax thresholds for working holidaymakers.
  • Tax thresholds for foreign residents.

There is one exception to this, and it is voluntary 

If you currently have an unfinalised pay run open with a date paid of 13/10/2020 or later and such pay run was created prior to you receiving this update, then the new tax rates will not have applied. If you want the new rates to apply to that pay run, you can either:

  • delete the pay run and create it again; or
  • recalculate every employee’s pay.

If you do neither of the above then rest assured the employee will receive their entitlement to the reduced tax payable (if eligible) when they lodge their tax return.

 

Also, take note that if you do neither of the above, but conduct any type of action that requires saving the employee’s pay (such as adding an earnings line or deduction, applying a leave request or expense request etc). This will refresh the employee’s pay and the new tax rates will then be used to calculate the employee’s PAYG amount.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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