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Problem – When you purchase an MYOB ® product with payroll, you receive a set of current tax tables as part of the package. These tables are created by the company (based on the tax office formula) and reside in the same folder as the main exe program in a file. Before using the Payroll function, you must ‘load’ a set of tax tables into your company data file. Once loaded, these tables will be used when processing payroll, until replaced by a new set of tax tables.
The problem is tax tables become out of date each year as tax rates and/or Medicare thresholds change. MYOB and have adopted a sales strategy based on tax tables which annoys many users. New tax tables are not separately available. Users must upgrade to a new version or take out cover under their fairly pricey support program to receive the latest ‘pay2myob.bin’ file (MYOB) as part of the Compliance Updates.
To support this strategy, the tax file has been specially formatted so you can no longer manually edit it as tax rates change. Additionally, each version is formatted differently, so you can’t use a tax file formatted for MYOB Version 19 with say Version 16.
With the Mac version (AccountEdge®) the tax table file is called MYOB Tax Tables or in v9 to 9.6 has a .tax extension. Everything else though is the same and all the comments here apply equally to the Mac version. VOTE IN OUR POLL – See below…
A Solution – Third party updated tax tables available for under $100 (see further or CLICK HERE.) are a substitute and have been tested and will work with many prior versions. They are primarily designed for those who want to continue to use their existing versions of MYOB® without the need to upgrade. It should be noted that there is nothing in your licence agreement that prevents you using 3rd party tax tables.
Installation: Installation is simple. The tables and easy to follow instructions are instantly downloaded after payment in most instances, or will be emailed to you. You will also receive a copy of the applicable Aust Tax Office Weekly Tax Table for you to check the accuracy of the calculations. After sales email support is available for any installation or setup issues you may encounter.
No changes are made to the software. The only changes made are to the tax rates in your company data file that software calls upon to calculate PAYG Withholding when processing payroll.
The changes made by the updated tax tables are not permanent and can be reversed by reloading the tax tables from your current tax table file.
These third party tables are available, which we have tested in the software and against the ATO tables and work perfectly for me and several of our clients. To get more details and purchase for your MYOB – find out CLICK HERE.
If you require assistance, give us a call! 0407 361 596 Aust (overseas drop 0 and add +61). We are here to help!