Repercussion for not applying Tax Table update before first payroll

Mark Saunders_10667211
Mark Saunders_10667211 Member Posts: 2 Novice Member Novice Member
edited July 1 in Reckon Accounts (Desktop)
Are there any repercussions with not having the 2021 Tax Table installed before our first new Financial Year payroll?

Comments

  • Kris_Williams
    Kris_Williams Member Posts: 4,277 Reckon Hall of Famer Reckon Hall of Famer
    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
  • Acctd4
    Acctd4 Accredited Partner Posts: 4,208 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    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

    shazinoz2@bigpond.com

    www.accounted4bs.com


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