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MYOB Essentials (online accounting) – Tips setting up Employee – Why is there too much PAYG tax when we have ticked Tax Free Threshold?

images/Red Question Mark.jpgIf you are wondering why there is too much PAYG tax being raised when the employee is claiming Tax Free Threshold, eg tax is raised on $200 (and there should NOT be any) there is an extra box to tick.

As you are setting up each employee, most will nominate and you will tick “Tax Free Threshold claimed”.

What does Tax Free Threshold mean? The first $18,000 there is NO Tax on wages and salaries in Australia currently. But if an employee works at 2 jobs – they can only (should!!!) claim the tax free threshold at ONE employer – usually the one where the most time is worked.

In MYOB Essentials if the option 8 on the Tax Tab is ticked WITHOUT option 7, tax will start generating when it shouldn’t!

Here is how to set it up – tick 7 + 8 –

images/Tax Free Threshold.jpg

Useful links – (from our Useful Business Links page above) –

ATO Tax Tables - PDF's

For the latest tax tables to download the PDF and keep a copy, or use the Tax Withheld Calculator online all from here

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Call 0407 361 596 Aust

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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