July 2017 tax tables now available!
The 2017 compliance update is now available (v2017.1.1). This update contains the tax tables which need to be used when processing pays from 1 July 2017.
What's changed in the latest tax tables?
- removal of the temporary budget repair levy
- increase in the Medicare levy low-income threshold
- annual indexation of HELP and FS (SFSS) repayment thresholds.
You need to use the new tax tables when calculating PAYG withholdings for payments dated 1 July 2017 and later.
When the tax legislation changes, you need to update the tax tables in your company file.
If you have an AccountRight subscription, AccountRight will automatically check for updates each time you open your file. If an update is available, you'll be notified when opening your company file. After you install the update, you can then update your PAYG tax tables. See also Getting the latest version.
To check which tax tables are currently loaded
Go to the Setup menu and choose General Payroll Information. The Tax Table Revision Date shows the effective date of the tax tables that are currently loaded.
The most recent Tax Table Revision Date is 01/07/2017. If your Tax Table Revision Date shows an earlier date, ensure you're using the latest AccountRight version and loaded the new tax tables as described below before processing your first pay from 1 July 2017.
To load the tax tables
You only need to complete these steps once for each company file.
If you haven't already done so, install the latest AccountRight version. If an update is available you'll see a notification when opening your company file.
Open the company file you want to update.
If you have multiple versions of AccountRight installed, ensure you open the latest AccountRight version. To see which version you have opened, check the version in the Welcome window.
Go to the Setup menu and choose Load Payroll Tax Tables. The Load Tax Tables window appears.
- Click Load Tax Tables.
Learn more about PAYG tax in AccountRight and how to assign tax tables to your employees.
Tax table FAQs
Why is my Tax Table Revision Date 01/01/2017?
This means you're using AccountRight 2017.1. You'll need to update to the latest AccountRight version and load the latest tax tables.
What if I'm having trouble installing an AccountRight update?