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MYOB – Need the new Payroll Tax Tables for 2015-2016?

MYOB – Need the new Payroll Tax Tables for 2015-2016?

MYOB – Need the new Payroll Tax Tables for 2015-2016?

You will know you need the new Payroll Tax Tables for 2015-2016 because either MYOB software says you have out of date tax tables, or you know they are. (To find what you have, click Set Up then General Payroll Information. In about the middle is the table date at the start of that tax year). Tax tables become out of date each year as tax rates and/or Medicare and HECS thresholds can be changed by the Tax Office (ATO). MYOB only supply new tax tables via full software annual subscription. You can no-longer buy the  latest tax tables separately. Users must upgrade to a new version or take out Cover under their support program to receive the latest ‘pay2myob.bin’ file (MYOB) to keep payroll compliant. (If you want to upgrade, email us – info@accountkeepingplus.com.au).

The special MYOB tax file has been specially formatted so that it disallows any manual edit it. Additionally, each version is formatted specially, 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.

Note third-party tax tables cannot be used in MYOB 2011 onwards – you MUST have subscription or upgrade. Contact to discuss your needs, or assist with upgrades and get extra bonuses – no obligation – 0407 361 596.

There is a Solution up to MYOB v19.10 – Third party updated tax tables available for $71.50 provide a substitute, have been tested by ourselves and work with many prior versions. They are for those who want to continue to use their current versions of MYOB® without the need to upgrade. Note that there is nothing in your license agreement that prevents you using 3rd party tax tables.

Installation is simple. The tables are supplied with easy to follow instructions and instantly downloaded after secure credit card  payment in most instances, or will be emailed to you. You also receive a PDF 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.

Note NO changes are made to the software. The only changes made are to the tax rates in your company data file that the software calls upon to calculate PAYG Withholding in a pay, when processing payroll. The changes made are not permanent and can be reversed by reloading the tax tables from your current tax table file, simply moving a file in the software folder

These third-party tables are available, which Account Keeping Plus have tested in the software and against the ATO tables and work perfectly for us and our clients. To get more details and purchase for your MYOB – click the grey box to the right – “Tax Tables”

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Call 0407 361 596 Aust and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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Reckon/Quickbooks – Are you SuperStream Ready?

Are you SuperStream Ready?

Are you SuperStream Ready?

SuperStream, a new data standard for superannuation payments and contributions, is part of the government’s ongoing SBR (Small Business Reporting) improvements to the way business interacts with their agencies. The ATO explains it further – GO HERE.

SuperStream is designed to speed up the superannuation payment process saving business time. It will also allow the ATO to match lost super with individuals in the near future and make contributions to your fund much faster. Right now it could take up to a month before an employee will see a contribution made to their super fund, with SuperStream it could take only a few days.

  • Businesses with 20 or more employees will be required to submit via the new SuperStream method from 1 July 2015, and
  • Businesses with 19 or less employees from 1 July 2016.

You can view the Superannuation Data and Payment Standards (Contribution Transitional Arrangements (Amendment) 2014.

SuperStream requires you to collect extra information to make complying contributions and payments.

Some key things you’ll need to have, once your accounting software has been updated, include:

  • The Unique Superannuation Identifier (USI) code for commercial funds you make contributions to. When you next contact all the regulated funds that you make contributions to for your employees ask for their USI code, this code will replace the current SPIN code;
  • The Electronic Service Address (ESA) for Self-Managed-Super-Funds (SMSF’s). If you make contributions to SMSF’s on behalf of your employees, contact the administrator or ask the employee for the SMSF’s ESA for contributions. This only applies to SMSF’s and will usually be a web address for the service used to submit contributions to; and
  • The SMSF details. Check you have the correct SMSF name, ABN and bank account details.

For your employees ensure that records are up to date, including:

  • Full name and proper spelling,
  • Street address,
  • date of birth,
  • Tax File Number (TFN),
  • Super fund member number.

Reckon has created a partnership with NAB bank to process Super Contributions according to the SuperStream standards.  NAB offers NAB SuperPay for this purpose. 

The Super Data export file from the Reckon Accounts and Payroll Premier software only works with the NAB SuperPay gateway>

Special warning – opening the Reckon SuperStream Export File in a spreadsheet programme (eg Excel) will make a format change to one field in the file that will render it unusable by the Gateways.  The field is a date field which the ATO has mandated must be in “US date format”.  Opening the file in a spreadsheet will change the date format. A “default format” is available with the ATO’s SAFF – SuperStream Alternative File Format. Reckon is looking into developing this ATO SAFF to give you more options in exporting your super contributions data which can then be used with other providers. 

If you’re using Reckon Payroll Premier or Reckon Accounts business software you’ll be ready to meet the SuperStream changes this year.

  • For Reckon Payroll Premier users – the latest release of the program already includes changes to help you collect the right information and submit via the new standard! Before updating to this version, make sure you’ve completed all your contributions and pay runs for the end of the financial year. We’ve partnered with NAB to create the bridge between your business and the super funds used by your employees – if you’re looking to get setup right away get in touch with us.
  • For Reckon Accounts business software users – you can expect an optional program update to be made available later this year that includes necessary changes to help you collect the right information and submit via the new standard, these changes will also be included in Reckon Accounts 2015.

VIDEO Setting up Reckon Accounts for Superstream

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – No-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – Get them right! Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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Business Tax Tips – 10 EOFY (End of Financial Year) tips to prepare for 30 June

Business Tax Tips – 10 EOFY (End of Financial Year) tips to prepare for 30 June

10 EOFY (End of Financial Year) tips to prepare for 30 June

Time to plan for a good finish for EOFY and here are 10 tips to get started and prepare for 30 June.

1. Consider the ideal timing for asset sales

If you are thinking of selling a profitable asset this financial year, but are likely to earn a lower income in the next year 2015-16, it may be worth postponing the sale until after 30 June; however, if you expect an income windfall or higher salary from 1 July, it may be worth bringing the sale forward. As always, your decisions depend on your expectations for future asset prices, so don’t postpone a sale for tax purposes if you are expecting your investment to fall in value!

2. Get more from your salary or bonus

If you are expecting a pre-30 June bonus, you may be able to sacrifice your pre-tax salary or bonus into super rather than receive it as cash. As with the deductible contributions, this could reduce tax on your salary or bonus by up to 34%, and will allow you to take advantage of the contribution caps that apply in this financial year. Once your money is invested in super, tax on earnings is capped at 15%, which may compare favourably to investments held in your own name.

3. Pre-pay investment loan interest 

If you have (or are considering establishing) a geared investment portfolio, you can pre-pay 12 months’ interest on your investment loan and claim the cost as a tax deduction in the current financial year. This can assist to manage cashflow more efficiently, and potentially reduce your income tax liability this financial year.

4. Pre-pay income protection premiums 

If you are employed or self-employed, income protection insurance provides peace of mind about the security of your income in the event you are unable to work due to illness or injury. Premiums for this insurance are generally tax deductible; prepaying your annual premium prior to 30 June will allow you to claim a full year of cover in advance as a tax deduction.

5. Get a super top up from the Government

If you earn less than $49,4881 pa, of which at least 10% is from employment or a business, and make a personal after-tax super contribution, you could qualify for a Government co-contribution of up to $500. 

6. Boost your partner’s super and reduce your tax

If you have a spouse who earns less than $13,8001 pa, consider making an after-tax super contribution on their behalf, and you could receive a tax offset of up to $540. 

7. Use super to manage Capital Gains Tax

If you make a capital gain on the sale of an asset this financial year and earn less than 10% of your income from eligible employment, you may be able to claim a tax deduction for a contribution to superannuation, which could reduce or offset your capital gain. You will need to be eligible to contribute to superannuation (which means you are under the age of 65, or under 75 and meeting the work test), and be comfortable having your contribution preserved in super until you meet a condition of release (eg retirement).

8. Make tax deductible super contributions

If you earn less than 10% of your income from eligible employment (eg you are self-employed or not employed), you are generally able to claim a tax deduction for personal contributions to superannuation. As with super, you will need to be eligible to contribute to superannuation (which means you are under the age of 65, or under 75 and meeting the work test), and be comfortable having your contribution preserved in super until you meet a condition of release (eg retirement). If you claim a deduction for it, the contribution you make will be taxed at 15% in your super fund, so your tax saving will be the difference between your marginal rate and 15% – which could be up to 34%.

9. Review your portfolio

Review your portfolio and consider a strategic re-allocation of your investments. Consider portfolio allocations – is your portfolio heavily over- or underweight in specific industry sectors or stocks? Are you continuing to carry stocks that have exceeded your price targets or continue to under-perform – this may be an opportunity to re-balance. If you have an SMSF, now is the time to ensure your fund is invested in line with your documented investment strategy – your auditor will be confirming this after 1 July.

10. Offset capital gains with capital losses 

Generally, if you have incurred capital losses on your investments, you are able to offset these capital losses against any capital gains you have made. You can also use losses you have carried forward from previous years. Remember, income losses can only be offset against income; capital losses can only be offset against capital gains.

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

                Call 0407 361 596 Aust and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!