The current ATO tax tables have been updated for salary or wage payments you make to employees between 1 July 2020 and 30 June 2021.
The new Year 2020-21 tax tables include considerable changes to all Student Loans. Repayments now commence at a lower annual gross and the maximum rate has increased to 10%. All other rates and thresholds remain as they were from 1 July 2019 – (see the ATO website for more details).
Does your older “classic” MYOB software have out of date tax tables, or you know you need them by experience every year.
(To find what you have, in MYOB, click Set Up then General Payroll Information. In about the middle is the table date at the start of that tax year it applies to)
Tax tables become out of date nearly each year if tax rates and/or Medicare and HECS thresholds are changed by the Australian Tax Office (ATO).
MYOB only supply new tax tables via a full software annual subscription. You can no-longer buy the latest tax tables separately as many years ago. Users must upgrade to a new version or take out Cover under their support program to receive the latest tables or ‘pay2myob.bin’ file for earlier versions (MYOB), to keep payroll compliant.
(If you want assistance to upgrade to the latest MYOB call Paul – 0407 361 596 or email us – firstname.lastname@example.org).
The special tax file (eg ‘pay2myob.bin’) has been specially formatted so that it disallows any manual edit. Additionally, each version is formatted specially, so you can’t use a tax file formatted for MYOB Version 19 with say Version 16. For 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, and Quickbooks.
Note third-party tax tables cannot be used in “live / cloud” MYOB 2011 onwards – you MUST have a subscription or upgrade. Contact the software supplier.
If you have older “Classic MYOB” desktop versions, there is a solution up to MYOB v19.13 and Account Edge 15.5 – Third party updated tax tables available for $90 provide a substitute, have been tested by ourselves and clients and work with many prior versions v6. 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.
Details about options for v19.4 and 19.5 are on the link near the top of the writing on the page from the link above.
Installation is simple. The tables are supplied with easy to follow video and 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.
If you would like Account Keeping Plus to install for you, we can do by remote desktop – Teamviewer (free software). For $75+GST. Call or email for instructions.
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 tested against the ATO tables and work perfectly for us and our clients. To get more details and purchase for your MYOB – CLICK HERE
For the latest tax tables, to download the PDF and keep a copy, or use the Tax Withheld Calculator go to ATO Tax Tables – PDF’s
Need help? Not sure? Call for FREE 30min advice / strategy session today!
Email email@example.com or call 0407 361 596 Australia