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Repercussion for not applying Tax Table update before first payroll

Mark SaundersMark Saunders Member Posts: 2
edited July 2020 in Accounts Business Range
Are there any repercussions with not having the 2021 Tax Table installed before our first new Financial Year payroll?

Comments

  • Kris_WilliamsKris_Williams Member Posts: 1,774 ✭✭✭
    edited July 2020
    Only that the tax might be incorrect, which could be adjusted next pay if you wanted, but I heard there weren’t any changes to the normal tax scales. I wouldn’t bother changing anything
  • Acctd4Acctd4 Accredited Partner Posts: 1,213 ✭✭✭
    edited July 2020

    Hi Mark

     

    There are no changes to the standard tax tables, only to the Govt education loan (eg HECS etc) thresholds.

    Therefore, if you’ve not yet installed the 2021 Tax Table Update patch & have any employees with Govt loan debts, I would recommend looking up the new table rates & manually adjusting their PAYGW accordingly.

     

    You can view/download/print all the latest tax tables in PDF format here:

    https://www.ato.gov.au/rates/tax-tables/#Taxtablesupdatedthatapplyfrom1July2020

     

     

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    www.accounted4bs.com


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper *** (specialising EXCLUSIVELY in Reckon Accounts / Reckon Accounts Hosted!)

    * Regd BAS Agent (No: 92314 015) * ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

    (NB: Please mark your post as Accepted Answer/Answered if I have been able to resolve your query as this helps others when seeking solutions!)

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