Eligible working Australians will be able to enjoy Tax Cuts
The personal income tax cut package was passed by the Government yesterday. Depending on their income, the new tax cut will give eligible employees a boost for the 2019 financial year and beyond.
What to employees need to do?
If your employees have already lodged their personal income tax return for the 2019 financial year, then ATO promises to automatically amend their assessment and process their refunds - they don't need to take any further action. To find out how much better off you can expect to be for the 2018-19 financial year, visit the ATO's Tax Relief Estimator.
What do employers need to do?
So that they can access their tax cut for the 2019 financial year, your employees will be keen access their payment summaries (if you did not start STP reporting before 30 June 2019) or their tax ready information in myGov (if you did start STP reporting before 30 June 2019).
If you're using MYOB Exo Employer Services, you can expect MYOB to release a new upgrade reflecting the tax cuts soon. If you're using MYOB Advanced People cloud payroll, then you don't need to worry about doing upgrades as MYOB will take care of this for you.
Outsource your software upgrades by moving to cloud-based solution.
If you're suffering from upgrade fatigue, then perhaps it's time to consider a cloud-based payroll solution?
With MYOB Advanced People, you don't need to worry about upgrades. As a SaaS (service as a software) product, MYOB performs the upgrades for you.
Using cloud-based software also means that you can take your business anywhere and work at anytime. You can even take your business potential event further by combining it with MYOB Advanced Business for a complete integrated business system with greater control, real-time data and a better visibility of your business.
Get a PayCheck
If you're currently using MYOB Exo, we offer a PayCheck to review your use of MYOB Exo Employer Services to see how it can be optimised, and to offer you a demo of MYOB's cloud payroll solution, MYOB Advanced People.
Book in a time now.
