My State payroll tax for Victoria is incorrect, it is not giving the correct threshold.
Why is the State Payroll Tax for Victoria calculating incorrectly? I have installed the latest version of Payroll Premier 2017/18.
Victorian Government has released the new State payroll tax for businesses who have over 85% of their Payroll wages goes to Regional workers. (3.65% instead of 4.85%) and the threshold is $625,000.
(Please Refer to ATO or your accountants for more details on the changes)
Unfortunately Reckon Payroll Premier is unable to implement this change, as this announcement came after the tax table was finalised.
The below workaround is provided to calculate it manually.
We apologise for any inconvenience caused.
You have now successfully updated the Victorian State payroll tax.
- Go To Lists > Payroll Tax Scales
- Double click on VIC Payroll Tax
- In the Threshold column, change amount to 625,000. Go to next line.
- On the second line change the amount to Over 625,000
- Go to Multiplier Colom. Enter the multiplier as 0.0485 (4.85%)
- (NOTE: If you are regional Victorian Employers enter this rate as 0.0365; i.e 3.65 %, please refer to ATO or your accountant for more information)
- Click OK to save and close.