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tdhydraulics
Level 1

It appears that Quickbooks is not taking enough Payg withheld from my employee is there a way I can change the amount taken so that he doesn't get a tax bill in June

 
1 Comment 1
Erika_K
QuickBooks Team

It appears that Quickbooks is not taking enough Payg withheld from my employee is there a way I can change the amount taken so that he doesn't get a tax bill in June

Yes, there is a way to update the amounts taken in Pay-As-You-Go (PAYG), tdhy. I will elaborate on this process.

 

PAYG is calculated based on the employee's taxable earnings, pay schedule, and the details provided in their Tax File Declaration. For further guidance, you can visit the ATO's Tax Table or use the ATO's PAYG tax calculator, as QuickBooks adheres to the ATO's PAYG computation guidelines. Now, refer to the steps below on how to update the PAYG:

 

  1. Open the pay run.
  2. Click on the employee's name.
  3. Choose Actions and Adjust PAYG.
  4. Enter the PAYG amount and hit Save.
  5. Verify the PAYG column to confirm if the amount is correct.

 

You can also browse this article for more info: Australia Income Tax & Pay Tax Calculator | QuickBooks

 

I've gathered a selection of resources that can help you better understand how to report PAYG Instalments on BAS and IAS, as well as guide you through lodging your PAYG payment summary:

 

 

The QuickBooks Community forum is always available for guidance and support, day or night. If you have additional questions about managing tax calculations, share them in the comments below.