From time to time you will make payments to employees that are treated differently from normal wages. These payments may take the form of redundancies, payment in lieu of notice, payment of annual leave on termination, etc.. Please find following a summary of how to treat each of these items on PAYG […]
Taxable Payments Report
Effective 1 July 2012, all companies in the building and contracting industry must issue a “Taxable Payments Report” to the ATO. This report lists the payments that have been made to contractors that work for the business by billing as an ABN holder. Please note that the instructions below are for v19. We […]
MYOB PAYG Summaries – how do I treat FBT exemption (exempt FBT)?
If you work for a non profit and are in the process of preparing PAYG summaries for your employees, you may be wondering how to treat the exempt FBT portion that is paid to a nominated third party on behalf of your employees. If your non profit has been recognized by the […]
PAYG Summaries – how do I treat salary sacrificed super??
A very common payroll deduction in MYOB and Xero is when the employee elects to salary sacrifice super. This super deduction is not taxed for PAYG purposes and sent in by the employer to the employee’s superannuation fund. When PAYG Summaries are prepared, the salary sacrificed super must be NETTED with the gross […]
MYOB Roll Forward Financial Year – I’ve lost last Year’s Transactions !!
Please note that the below advice is relevant to MYOB v19.x only. With the new version (v2014.x), transactions from previous years are always viewable. I had a call from a new client yesterday asking if we could assist with a MYOB roll forward financial year problem. They had rolled forward the financial […]
30 June 2014 is on Monday … Please ensure you do the following by then …
Can you believe Monday is 30 June? It has come around so quickly. Please take a few minutes to read the following reminders: 1. If you wish to take a full tax deduction for superannuation expense incurred to 30 June, you must pay any outstanding super no later than Monday. If that sounds too […]
MYOB Tax Tables 1 October 2016 – Save Money
MYOB Tax Tables Available Cheaper Here! Save money on your MYOB tax table update. Breaking news! There is a way to download MYOB tax tables effective 1 October 2016 without having to pay the full fee to MYOB. Please note this will only work for versions AccountRight 19.13 and below. Tax tables cannot be updated […]
Payment Summaries – I have multiple data files running payroll using same ABN ..
Multiple Data Files – Same ABN We often get the question from clients – what happens if we run multiple data files in MYOB or Xero, all containing payroll information. This is very common for Franchisees that have a number of different locations, all trading under the same name and ABN. The […]
I’ve made a mistake on the PAYG Summaries – HELP!! (Amending PAYG Summaries)
After you issue your PAYG summaries no later than 14th July, you may discover that you have made a mistake. Generally, one of the following happens: 1. An employee comes to you to point out an error they have noted. The most common errors tend to be you have included an […]
Payroll Changes for 2014-2015
The MYOB tax tables will be available on 23 June 2014. These will be available to all clients who are under a cover agreement. If you do not have cover, or are unsure, please do get in touch with us ASAP so we can check your status, and if needed, get cover […]