ETP Type O - Incorrect Tax Tracking Type

I need help in relation to correcting an ETP Type O payment which had an incorrect Tax Tracking Type, unfortunately it has already been finalised for year end 19_20 via STP.

"Post June 1983 Untaxed Element (O)" was selected instead of "Post June 1983 Untaxed Element (Low Rate Threshold) (O) and so the ATO is calculating the tax at the higher rate.

As the year has already been finalised for STP I'm not sure how to correct it.

I'm using Reckon Accounts. Any suggestions would be appreciated please.

TIA

Comments

Acctd4

Hi Jaime

As a 17-yr tax consultant myself, I wouldn’t worry about changing it. The employee will get any additional tax back that they’re entitled to when they do their tax return!

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

Jaime F

Thanks for your reply Shaz, will the ATO realise it was the wrong code when processing the tax return using year to date totals and apply the lower tax rate?