ETP Type O - Incorrect Tax Tracking Type

Jaime F
Jaime F Member Posts: 7
edited August 2020 in Reckon Accounts (Desktop)
I need help in relation to correcting an ETP Type O payment which had an incorrect Tax Tracking Type, unfortunately it has already been finalised for year end 19_20 via STP. 

"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

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

    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

    shazinoz2@bigpond.com

    www.accounted4bs.com


    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!)
  • Jaime F
    Jaime F Member Posts: 7
    edited August 2020
    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?
  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited August 2020

    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

    shazinoz2@bigpond.com

    www.accounted4bs.com


    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!)
  • Jaime F
    Jaime F Member Posts: 7
    edited August 2020
    Thanks so much for clarifying that for me