New Tax Tables

Oct 03, 2016

New Tax TablesWe have been receiving many emails from our Xero and MYOB clients over the last few days about how your accounting software will cope with the new tax tables that were announced by the ATO in the last few days.  These new tax rates will take effect on 1 October 2016. 

It's the first time we can recollect tax rates being updated in a period that is not the start of the financial year!  This is causing some confusion and concern about deployment of these rates.

Xero Clients

There is nothing you need to do.  That’s the beauty of Xero!  Xero will automagically update the tax rates as at 1 October 2016 for all of your employees.

Tropical Business Solutions is a Silver Xero partner. If you are interested in moving to Xero, we're happy to walk you through the process and assist with migration.

MYOB Clients

AccountRight Live Cloud Version (v2016)

The new version of the tax tables is available by download at my.myob.com.au or you can access from a reminder to upgrade from within your data file.  This software update can be downloaded at any time.  Please load the new tax tables (by going to settings | load payroll tax tables) AFTER your last pay in September and BEFORE your first pay in October.   Double check your payroll tax table revision date by going to Setup | General Payroll Information.  This date must be 1/10/2016.  You will be prompted to make this download from within your cloud based data file.

AccountRight Live – Not Cloud Based

If you are currently under cover, you will be eligible to download this update via your login in at the my.myob.com.au website.   If you are not under cover, you will need to re-subscribe to cover to be eligible to update your tax tables.

Classic Version (v19)

If you are currently under cover, you can download your upgrade from my.myob.com.au – the most recent version will be v19.13.  If you are not under cover, you will need to re-subscribe to gain access to the new tax tables.

Essentials

There is nothing you need to do.  That’s the beauty of cloud!  MYOB will automagically update the tax rates as at 1 October for all of your employees.

Tropical Business Solutions is a MYOB partner.

If you need any help, please do give us a call (08 8922 0000) and we can assist you with ensuring your tax tables are up to date and compliant.



Category: Bookkeeping

Sonia Malady

Director at Tropical Business Solutions.