Reckon Payroll update! ✨ 2024/25 tax tables & more!

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Reckon Payroll has received an important update yesterday for the upcoming 2024/25 financial year. Check out the the inclusions of the latest update below!

🆕 2024/25 Tax Tables

The required tax changes for the 2024/24 financial year have been implemented in Reckon Payroll. Any pay runs you create with a pay date of 1 July 2024 or later will automatically use the 2024/25 tax tables.

🆕 Super Guarantee updated to 11.5%

The statutory super guarantee rate has increased from 11% to 11.5%. Any pay runs you create in Reckon Payroll with a pay date of 1 July 2024 or later will calculate super guarantee at the new rate.

🆕 'Copy pay items from last pay run' improved

The copy pay items from last pay run feature has been enhanced to better handle super guarantee.

When creating the first pay run of the new financial year using copy pay items from last pay run, the current super guarantee rate will be applied rather than the rate from the previous pay run.

We have also ensured the super rate type for other super items copied from the previous pay run hold the relevant percentage or fixed amount.

🆕 'Other' deductions in the EOFY finalisation

Any deduction item type that is set to Other and where 'deduct from gross before calculating withholding' is not enabled is not reported to the ATO in Single Touch Payroll submissions. The EOFY finalisation screen has been corrected to not show balances for these deduction items.

The EOFY finalisation screen will only show balances that are reported to the ATO under Single Touch Payroll. For more info on reconciling your EOFY please see our post here.