- 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 arranged for you. Many of our clients will not be under cover as the payroll tax tables did not change for 2013 and some clients elected not to pay for that year. The tax tables have changed for 2014 and you will need to update your tax tables or adjust your tax manually.
- If you are under cover you will get an email from MYOB advising the new update is ready to download. You can access it from the email or from your my.myob portal. We will also have access to copies and can assist you. The rates will update automatically for our Xero clients.
- The main change to the tax tables is that the Medicare levy is increasing from 1.5% to 2%. This will change the tax withheld from all of your employees. There is also a deficit tax levy of 2% to those employees earning more than $180,000 per annum. There are some small changes in relation to indexation of HECS and HELP and also a removal of some rebates related to dependent spouse and mature aged clients.
- The superannuation rate will change from 9.25% to 9.5%. In Xero, this will be done automatically but in MYOB you must change this rate manually. You can do this by going to Payroll | Payroll Categories | Superannuation Tab | Superannuation Guarantee Charge – update rate here.
- PAYG summaries are due to clients on 14 July 2014. If you haven’t already booked an appointment and need help, please do so as soon as you can via the Online booking tab on our website www.cloudcounting.com.au. If you are a MYOB user, you will have to roll forward your payroll year prior to using any dates in the 2014-2015 year. Don’t forget to backup prior to rolling forward!
Happy End of Financial Year and please do let us know if we can be of any assistance to you during this period.
Tracey, Moana and Karen