Temporary budget repair levy

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  • Updated 5 years ago
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When we run the calculation for the new year (2014-15) in Reckon it appears the Temporary Budget Repair levy this is not being included. 

On researching the issue, it appears the legislation received royal accent on the 25 June and is applicable from 1 July 2014.  Therefore was most likely after the tax tables for 2014-15 where released by Reckon.

How will Reckon be dealing with these changes to the tax rates/levies?
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Carrie Chappell

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Posted 5 years ago

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Mirko, Alum

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Hi Carrie, the 14/15 TTU do include the 2c levy onto of the top tax bracket of 45%. Note: The top tax bracket and the levy only apply to those with income of $180,001 pa and above.

See: https://www.ato.gov.au/Rates/Individual-income-tax-rates/

If the income fall within the top tax bracket, I would check if the 14/15 tax table was applied.

To check press F2 within the program, it should say R3 or R3P on he product line, instead of the R1P as I have in the below screenshot:



Thanks,
Mirko


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Carrie Chappell

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Apologises we have worked out the issue now.  Thanks