The next tax year brings a number of legislative changes, especially with Payroll Tax Tables.
Some of the key changes taking effect on 1 July, 2012, include the removal of the Flood Levy and a new Tax-Free Threshold, which result in new Tax Tables for the 2012/13 Financial Year, as well as revised Leave Loading taxation arrangements.
Below you will find information about when the 2012/13 compliance updates for the new financial year will be made available and when to install them.
Scheduled release dates for 2012/13 Financial Year compliance updates
QuickBooks Hosted 2012/13 – 28 June 2012
QuickBooks 2012/13 Desktop versions – 28 June 2012
Payroll Premier 2012/13 – 26 June 2012
When to Install
After you have run your last Payroll in the 2011/12 Financial Year, and before you run your first payroll in the 2012/13 Financial Year.
Payment Summaries and EMPDUPE
Your 2011/12 Financial Year Payment Summaries and EMPDUPE file may be prepared before or after the 2012/13 Financial Year compliance update is installed.
If preparing Payment Summaries and EMPDUPE files prior to installing the compliance update, you must be using one of the following software releases:
- QuickBooks Hosted 2011/12 R2
- QuickBooks Hosted 2012/13 R1
- QuickBooks Plus, Pro, Premier or Enterprise 2011/12 R2
- QuickBooks Plus, Pro, Premier or Enterprise 2012/13 R1
- Payroll Premier 2011/12
How to get the compliance update
From the release dates shown above:
- QuickBooks Hosted subscribers will see a link to QuickBooks Hosted 2012/13 R3, which includes the compliance update, when you login to the QuickBooks Hosted servers.
- QuickBooks Advantage members and QuickBooks Annual Licence holders will be emailed a link to download the QuickBooks 2012/13 Service Pack 1.
- Payroll Premier Advantage members and Payroll Premier Annual Licence holders will be mailed your Payroll Premier 2012/13 upgrades.
No Advantage Cover? – You won’t be able to purchase payroll tax tables separately from Quickbooks.
If you require assistance, give us a call! 0407 361 596 Aust (overseas drop 0 and add +61). We are here to help!
And see more great detail on the Quickbooks blog – http://online.reckon.com.au/Blog/tabid/124/EntryId/28/It-s-almost-Tax-Time-again.aspx