Reckon Accounts Hosted 2020 October Tax Update

The Government announced changes to personal income tax thresholds for the 2020-21 income year in the 2020 Federal Budget.

These changes took effect from 13th October 2020.

The Tax Tables within Reckon Accounts Hosted have now been updated to reflect these new tax tables.

There is no upgrade required, as you log into Reckon Accounts Hosted, the new Tax Tables will be used when you process pays.

To Confirm you have the latest Tax Tables:

  1. Go to the Employees Menu and select Tax Table information, the Tax Table version and Updated for remain unchanged and will display as below

  1. Click Tax Table info, the below HTML will appear, including a line that specifies that the Tax Tables include the changes which came into effect from 13th October 2020

As you process new pays the Tax Tables that came into effect on 13th October 2020 will be used to calculate PAYG Tax
  1. Click Tax Tables then click the Individual Income Tax Rates link to view ATO information regarding the October tax changes.

If you need to process or edit any pays for the 12th October or earlier, you may need to manually calculate and adjust the tax using the original 2020/21 ATO Tax Scales; otherwise the pay calculations may not be correct.

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