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From 1 January 2017, tax rates will change for working holiday makers who are in Australia on a 417 or 462 visa (the 'backpacker tax').

Under this new tax rate, you should withhold 15% from every dollar earned by a working holiday maker up to $37,000 with foreign resident tax rates applying from $37,001.

You must register by 31 January 2017 to use this rate and avoid penalties. As long as you register in time, you can still use the new withholding tax rate of 15% from January 2017. Register from the ATO website

Withholding the working holiday maker tax

We're working on a tax scale update that includes this rate for MYOB Essentials. In the meantime, here's a helpful workaround to record this new tax for your MYOB Essentials business.

Setting up employee tax

Before paying a working holiday maker, you need to set up the 15% tax rate in their employee details

FAQs

How do I handle payment summaries if I already employ working holiday makers?

If you already employ working holiday makers in 2016 who will be paid with the new tax rate in 2017, you need to issue two payment summaries with different rates:

July 1 - December 31 2016
January 1 - June 30 2017

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Withholding the 'backpacker tax' in MYOB Essentials

Withholding the working holiday maker tax

Setting up employee tax

FAQs