Compliance update - June 2017

In this release, we’ve updated AccountEdge with the latest PAYG tax and payment summary changes, so your business stays compliant.

Here’s a summary of what’s new or changed in AccountEdge 16.5:

▪	Working holiday makers tax changes: Now you can assign tax tables to employees who are working holiday makers (and have a 417 or 462 visa).

If you’ve registered with the ATO as an employer of working holiday makers, you need to load the tax tables provided with this update (go to the Setup menu and choose Load Payroll Tax Tables) and then assign the Working Holiday Maker or No Tax File Number Working Holiday Maker tax table to the relevant employees.

To enter payroll information for an employee

▪	Updated tax tables: Before you start entering pays for the 2018 payroll year, you need to load the updated tax tables provided with this update. Go to the Setup menu and choose Load Payroll Tax Tables.

To check if your tax tables have been loaded in your file, go to the Setup menu and choose Payroll Information. The Tax Table Revision Date needs to be 01/07/2017.

▪	Reporting s57A reportable fringe benefits: If Section 57A of the Fringe Benefits Tax Assessment Act (FBTAA) 1986 applies to your organisation, you can now report the benefits covered by that section separately from other benefits you’ve provided to your employees on the payment summaries.

The Reportable Fringe Benefit step of the Payment Summary Assistant has been updated with these features.

▪	Updated payment summary format: We’ve updated the payment summary form to match the latest specifications provided by the ATO.

note :

You need to install this update before preparing payment summaries for the 2016-17 year if you’ve employed working holiday makers or if section 57A of the FBTAA 1986 applies to your organisation.