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

  • Kris_WilliamsKris_Williams Member Posts: 1,217 ✭✭✭

    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

  • Sharon LettonSharon Letton Member Posts: 4

    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

  • Acctd4Acctd4 Accredited Partner Posts: 897 ✭✭✭
    edited October 2020

    @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 * Regd BAS Agent (No: 92314 015) *

    ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

  • TilleyTilley Member Posts: 6

    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

  • Acctd4Acctd4 Accredited Partner Posts: 897 ✭✭✭
    edited November 2020

    @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 * Regd BAS Agent (No: 92314 015) *

    ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

  • BruceBruce Member Posts: 283 ✭✭✭

    @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.

  • Acctd4Acctd4 Accredited Partner Posts: 897 ✭✭✭

    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 * Regd BAS Agent (No: 92314 015) *

    ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

  • TilleyTilley Member Posts: 6

    Thanks everyone for clearing this up:-)🤩

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