Screen 8 displays an image of the Tax Free Threshold table with all the tax rates updated (3rd column - larger red arrow). This will enable you to confirm that the tax tables update process has completed correctly.
To view this table, click the Launch button. The Updater will run MYOB® and open your company file. Once you have logged in, select from the Lists menu, Payroll Categories, then Taxes. Click the arrow next to PAYG. The next screen will show you the 1st tax table in your company file (this is the No Tax Free Threshold table). This table has rates in the 3rd column even in the Demo version, so we need to check the 2nd table called the Tax Free Threshold table.
To see this table, click the drop down arrow next to the tax table name - you will see a list of all the tax tables - select the 2nd table. This screen should look like the image on Screen 8 of the Updater. Use Alt-Tab to switch over to the Updater Screen 8 to compare. There are 2 important things to look for - the Tax Table Revision Date should show 1/07/xxxx (for example 1/7/2023 for the 2023/24 year's tax tables), and the 3rd column, the column the larger red arrow is pointing to, has numbers in the 2nd and subsequent rows.
If you looked at this table before completing Step 7, the Tax Table Revision Date should show 25/6/2023, and the 3rd column would show 0.0000 in every row - indicating it is a Demo version only.
Once you have confirmed the tax rates have updated correctly, close MYOB® and return to the Updater Screen 8 and click Next.
Screen 8 displays an image of the Tax Free Threshold table.
This table is based on a weekly PAYG formula provided by the ATO. MYOB® uses these numbers to calculated the PAYG.
For example, in the 2023/24 year's tax tables, say the employee has a weekly gross wages of $1000. As this is over $710.99 and does not exceed $1281.99, MYOB® will use the 5th row. It will first multiply the gross by 0.3477, then subtract 165.4430 to arrive at $182.26 which is rounded up to $183.
If calculating PAYG for fortnightly pays, MYOB® divides the gross by 2, works out the weekly PAYG, then doubles it to calculate the Fortnightly PAYG.
