Tax Tables Post Election Issue

Steve Cook
Steve Cook Member Posts: 150 Reckoner Reckoner
edited October 2024 in Reckon Accounts (Desktop)

This could be important for anyone using Payroll:

Extract from ATO Website:
At the time of calling the Federal election, the income tax changes announced in the Budget had not been enacted by Parliament. As a result there will be no change to the majority of tax tables from 1 July 2016. The tax tables that have been updated are for HELP/SSL/TSL and SFSS due to the annual indexing of repayment amounts, and the Superannuation and ETP tax tables to include indexed cap amounts for the 2016-17 income year (where applicable).
End Of Extract

Full Document Here:

https://www.ato.gov.au/rates/tax-tables/

So if the 2016 tax update has been installed, will Reckon be calculating tax incorrectly ? Is a new Reckon Tax Update needed ?


Comments

  • Zappy
    Zappy Accredited Partner Posts: 5,534 Accredited Partner Accredited Partner
    edited August 2019
    No.
  • Sharon Towes
    Sharon Towes Reckon Alumni Posts: 23 Former Reckon Staff Member Former Reckon Staff
    edited December 2016
    Hi Steve, the only change made in Reckon One to PAYG for the 2016-17 income year is to the HELP/SSL/TSL and SFSS repayment percentages as per the ATO announcement.  We will make further appropriate changes when the legislation is enacted.
  • Zappy
    Zappy Accredited Partner Posts: 5,534 Accredited Partner Accredited Partner
    edited August 2019
    Sharon surely you mean if it is enacted. There is zero certainty it will be.
  • Sharon Towes
    Sharon Towes Reckon Alumni Posts: 23 Former Reckon Staff Member Former Reckon Staff
    edited December 2016
    Hi Kevin, yes I mean if.
  • Reckon FAQs
    Reckon FAQs Reckon Staff Posts: 357 Reckon Staff
    edited March 2017
    Hi Steve,

    The Reckon Accounts 2016 Tax Table update contains changes as outlined in the ATO statement you have quoted.  

    When changes are legislated (which usually take effect from the start of the next financial year) we will release a Tax Table Update to accommodate those changes. 


    regards,
    John
  • Felicity Van
    Felicity Van Member Posts: 64 Novice Member Novice Member
    edited October 2018

    Hi,

    I have just received an email from the ATO advising that new tax tables come into effect as at 1 October 2016.  Will we receive an update?

This discussion has been closed.

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