Updated tax table but employees paid already for last week

Hi, I pay my employees weekly and the last pay date was on 18th October. This new tax update commences from 13th October. I am guessing I need to

1) download and install the new tax tables

2) unlock the employee payslip and manually change the tax amount, which may/may not be different

3) do the next weeks payslip ie 28/10 so I know how much to alter the last payslip by.

4) send a full file replacement STP for the previous payweek done on the 19/10

5) once that is successful, send in the new payrun STP for the pay on 28/10.

6) make any +/- $ changes to the pays to be sent to employees on 28/10.

Can you please confirm the above process is the correct way to go before I start doing anything.

Thanks

Comments

  • Dianne Poon
    Dianne Poon Member Posts: 26

    Unfortunately it didn't cross my mind that new tax tables were coming in October which is why I went ahead and paid the employees. The tax difference is very slight, however if anyone can respond my above message I would be grateful. Thanks

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited October 2020

    I wouldn’t worry about changing the last Pay purely for the new tax tables ... Employees will get any extra tax back that they’re owed in their 2021 tax return

    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

    shaz@accounted4.com.au

    https://accounted4.com.au

    (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!)
  • Dianne Poon
    Dianne Poon Member Posts: 26

    Ok, thank you for replying. :)