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MYOB – Quickbooks – Tax Threshold and Leave Loading – which do I use?

Client emailed with the following query –

MYOB Quickbooks Bookkeeping

Bookkeeping Help

I am confused – 

Does a Tax-Free Threshold + Leave Loading apply to a full time employee who is entitled to annual leave + personal leave loading?

 As opposed to a Tax-Free Threshold + No Leave Loading? Does No L Loading apply to casual staff who are not entitled to annual & personal leave?

 I just noticed the No Leave Loading in the MYOB Tax rate lists as I was manually calculating a PAYG from the ATO tax tables. When I referred back to another employee tax rate, she is classified as + leave loading. But so are casuals. Can you help?

Explanation –

Leave loading is 17.5% ONTOP of annual leave (was introduced in the war time to average what a worker got in overtime, so they received similar while on holidays)

Whether you select a threshold with or without the leave loading depends on the Modern Award.

And it applies to part-time and full-timers, NOT casuals at all.

As I recall, leave loading was in the Retail Award – so YES – ” a Tax-Free Threshold + Leave Loading apply to a full time employee who is entitled to annual leave + personal leave” (there is no personal leave loading)

If the award did not enforce/include leave loading, you would select Tax-Free Threshold + No Leave Loading

All your staff will be Tax-Free Threshold + Leave Loading

For Casuals, you just don’t tick on the Leave and Leave-Loading Categories in their payroll set up, at all – they don’t apply, and the correct tax rate should be calculated.

For more on leave loading, see

Explaining Annual Leave Loading – what is it?

Employee Leaving or Terminated – Unused Leave


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More than half of small businesses now have websites: Google/MYOB report

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Business Tips - Websites, small business, MYOB, Google

More than 50% of Australian small businesses now have a website, according to new Google research, with one in three saying their website has resulted in more customers and sales. The research comes one year after Google and MYOB launched the Getting Aussie Business Online program, designed to help small businesses make the move online.

The research is based on a survey of 500 SMEs who use the internet for business purposes. According to Google, more than 30,000 businesses have created websites through the program. Furthermore, two thirds of the businesses that have used the program are located outside of major cities, highlighting the increasingly important role of the internet for regional businesses. Interestingly, the research reveals Tasmania – not Queensland – had the highest proportion of tourist sites created as a result of the program.

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#Quickbooks Pro Tip – Shortcut Timesaver – CTRL + W = instantly open the Write Cheques window

Account Keeping Plus Pro tips

Pro Tips

Pro Tip – Shortcut Timesaver – CTRL + W = instantly open the Write Cheques window to record bank fees, expenses already paid and that are paid immediately, (commonly only enter bills as purchases that are for stock, but some enter all bills due in a few weeks time). If you don’t record any bills as purchases, but only when you pay them and they appear on the bank statement, you are running a cash accounts. If you enter some or all bills by purchases, you are running accrual accounting


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With a new Small Business Minister in Australia, business software provider MYOB hopes small business will be given the attention it deserves

 

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Business software provider MYOB hopes small business will be given the attention it deserves under a new minister for the portfolio, the fourth in four years.

Brendan O’Connor was sworn in to cabinet on Monday to take the position of small business minister, as well as minister for housing and homelessness.

MYOB chief executive Tim Reed says the small business sector needs strong leadership from the new minister as it faced turbulent times.

“We are concerned that the small business portfolio is not being given the serious attention it deserves,” Mr Reed said in a statement, noting that the sector accounts for 96 per cent of Australian businesses.

“This is far too large a segment to ignore.”

MYOB’s latest Business Monitor research found interest rates were one of the top three “pain points” for small- and medium-sized enterprises after fuel costs and price margins/profitability.

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