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Whats New - Reckon Accounts 2020 October Tax update


Compliance update - AU

Applies to the Australian versions only.

PAYG Tax Scale update for FY 2020/21

Reckon Accounts 2020 October Tax Update contains the latest Tax Scales for the FY 2020/21, as per the October 2020 Budget. PAYG rates and thresholds have been adjusted and new PAYG tax tables apply to Reckon Accounts. You can find out more about the October Tax Table from the ATO's website.

The Tax Table calculation will apply to payments made on and from 13 October 2020.

You can find the instructions to install the tax update patch for Reckon Accounts 2020 R2 (Desktop) by clicking here.

You can only apply this patch to Reckon Accounts 2020 R2.

FAQs

When does this tax table apply?

The Tax Table calculation will apply to payments made on or after 13 October 2020. Any paycheque you create in Reckon Accounts where the pay date is on and after 13 October 2020, you will need to use the October Tax Table patch to have those pays automatically calculate the correct tax.

Of course you can always manually adjust the tax in a paycheque until you install the patch.

How do I manually adjust PAYG tax?

Simply edit the PAYG Tax amount directly from the Employee Summary. If the paycheque has already been saved, you will need to Unlock the paycheque prior to making changes.

Making changes to paycheques can have consequences. Ensure you read the ensuing warning carefully.

When PAYG tax has been adjusted manually, the Employee Summary will reflect this.

After installing the October 2020 Tax Update, when I modify pays prior to 13 Oct 2020 the employee's PAYG tax changes. Why?

After you install the October 2020 tax patch, all tax calculations are based on this tax scale regardless of the time period.

Therefore if you have already installed the October Tax Table update, you may need to manually adjust the tax amounts if you want to modify paycheques where the pay date is prior to 13 October 2020.

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