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PAYG WITHHOLDING TAX

Home > Money With Melanie > Superannuation

24 / May / 2007

If you employ staff, from 1 July 2006 you need to ensure that new tax tables are used.

So, if you manage payroll through MYOB, the new tax tables need to be loaded for your first payroll after 1 July. Tax Tables cannot be amended by the operator. Whenever tax rates are changed you will need to obtain the new tables from MYOB.

To access the new tables you’ll need the current version of MYOB. You either need to be on MYOB cover where the new versions will automatically be sent to you, or you’ll need to purchase the new version.

MYOB calculates tax on gross wages as if those wages were all earned in that pay period e.g. if an employee, whose normal pay period is weekly, is paid two weeks holiday leave, then tax will be calculated incorrectly – it will need to be recalculated and adjusted in the preparation of the paycheque.

For further assistance: Contact Melanie Jenkins

PAYG WITHHOLDING TAX

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