We have the new tax tables that were finalised by the ATO 16th of September 2016 that come into effect 1st October 2016 for new payroll transactions. If you need to have your tax tables updated, please contact Support@InterAcct.com.au
For existing users of the payroll software, the latest ATO tax tables are available for upload.
Employees without HELP payments are unchanged according to the ATO’s webpage
If you need help with your end of year roll over contact support and we can run through it with you.
Do you have staff that have variable wages ? Perhaps it’s based on them working overtime, getting bonuses, commissions, only being paid for hours worked? If you do at the end of the year you will almost always have overpaid on PAY-G tax. The new addition of the Estimated Tax Return Software
InterAcct does allow for employees to be setup as annualised tax, so that we can take the peaks and troughs out of the tax rates. To make it more clear we expanded on the existing fiscal summary screens to show an estimated tax return value for each employee for each fiscal year.
This would mean that towards the end of the financial year you would be able to easily see/adjust the amount of tax that you are paying to your employees to reduce their tax return (or give them the money before they even apply for it from the ATO).
This minor change is available to all users of the Payroll module, and can be installed while we are updating this year’s Tax Tables.