ETP Type O - Incorrect Tax Tracking Type


"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
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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
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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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?0
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Hi Jaime
The ATO doesn’t calculate anything from STP - STP is just a reporting tool.
As the error was still related to the same label (“O”), the correct tax calculation will be made when the employee does their tax return J
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
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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Thanks so much for clarifying that for me1