You are a MYOB classic user (v19) and are wondering if you need to pay the annual cover subscription fee to get the updated tax tables which are available in v19.13 … OR you are using MYOB AccountRight version but you are not online, nor do you pay the monthly subscription.
Do you need to pay the fee to get the updated tax tables?
The good news is that there are no changes to the Tax Free Threshold, and minimal changes to any tax rates from the 2015-2016 taxation year (the main change is to workers earning more than $80,000 per annum, the 32.5% tax rate is increasing to a maximum of $87,000). There are also some changes to the indexation related changes such as HELP/HECS and Student Loans. So if you do not have any of these tax tables in use, you may not have to update your MYOB version to get the updated tax tables!
Also, you may wish to consider using the FGH tables as an alternative to updating your MYOB version. The FGH tables are a cost effective way of getting the updated tax tables into your v19 MYOB software for a fraction of the cost. Click on the image below to get more information on the cost.
If you are unsure of what you need to do for updating tax tables, and you are a MYOB or Xero user, please do give us a call at CloudCounting to discuss.