MYOB Tax Tables Updates 2020
Recently the Australian Tax Office revised the Tax Scales that are applicable to all income earners. This means that all employees will have slightly more in their take-home pay each week!
The recent Australian Federal Budget introduced changes to PAYG withholding and the ATO has released the updated PAYG withholding tax tables.
The ATO has stated that, as the changes to withholding are made partway through the income year, employers and other payers who are unable to immediately implement these changes into their payroll will have until 16 November 2020 to do so.
This also means that there needs to be some updates to your MYOB software in order to allow for these new tax scales.
So – what do you need to do?
MYOB Advanced People
Please be advised that MYOB Advanced People has now been automatically updated to use the latest PAYG withholding rates published by the ATO.
These new MYOB tax scales and MYOB tax tables updates have already been added to your MYOB Advanced People instance by MYOB themselves in late October 2020.
There is nothing else you need to do – it’s all been done.
MYOB Employer Services
Sometimes known as MYOB Exo Payroll, MYOB Employer Services requires some manual effort in order for the new tax tables and tax scales to take affect and be reflected in your software.
This is a simple upgrade that will take your MYOB Employer Services to version to 2020.3
ONE PERSON ONLY within your organisation needs to please complete the following steps.
To upgrade your MYOB Employer Services:
- Launch and login to your MYOB Employer Services as you normally do.
- Click on the “Help” menu item, the select “Upgrade Software Online“. This will start the upgrade process and ask you some questions.
- If you are prompted for Administration credentials, please contact your IT person/team and ask them to complete these steps.
- If you use MYOB Exo, please select the correct version from the list presented to you.
- Accept all other defaults for the other questions.
- Upon completion, check your version by clicking on “Help” then “About”. It should show version 2020.3.
If you have any questions, or would like us to complete this MYOB tax Tables Updates process for you, please simply either :
Contact Us or call us on ph +61 3 8560 5220
