Tax Tables


Without realising, I have already processed 2 payroll weeks in my Reckon Accounts Plus 2020 before installing the new tax rate updates. Using the weekly tax table hard copy for payments made on or after 13 October 2020, I have been able to work out the difference in what I owe my employees but now how do I rectify this in my Reckon Account program? Any suggestions would be greatly appreciated
Comments
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Unless the staff are complaining it doesn’t really matter, in fact they have all paid extra tax from 1/7 as that is when the new tax rates technically began. They will get this back when they do their tax next year.
If you really want to pay them the difference for the last 2 weeks just adjust the difference from next week’s tax
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Thank-you Kris The staff wouldn't even realise and if it doesn't really matter I will stop worrying about it and let them receive it when they do their tax next year. After all it is not a great deal of money from only 2 pay weeks
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@Sharon Letton Absolutely agree with Kris!
A lot of the other software providers are still working on the tax cut update for their products as the ATO due date is actually by 16th Nov:
“Employers must make sure they are withholding the correct amount from salary or wages paid to employees for any pay runs processed in their system from no later than 16 November onwards.”
So ... we Reckon-ers are actually quite ahead of the game Lol
(But that is - of course - because we're using the best one! 😊 )
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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The ATO are advising you alter the pays, what a nightmare. Spent hours on phone tec and still didnt get the helpful advise that is on this community group. Thanks
Guys
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@Tilley I don't know why the ATO would have told you that - Altering the pays is definitely NOT required 😀
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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@Tilley
I note that the ATO only "advised" you to do adjustments. If you were obliged to do so, their statement would have been much more definitive.
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This is from the ATO's Small Business Newsroom (eg a Media Release) on the ATO's website:
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 everyone for clearing this up:-)🤩
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