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Posted 1 July 2006

DO YOU PAY YOUR EMPLOYEES USING MYOB OR QUICKBOOKS?

The 2005/2006 Federal Budget announced significant personal tax cuts. Consequently, as an employer the amount of Pay As You Go Withholding (PAYGW) you must deduct from your employees' pays will change from 1 July 2005. You may already be aware of these changes but do you know whether your accounting software is equipped to reflect the new rates of withholding tax when you enter your employees' timesheets after 1 July 2005?

Implications for MYOB Users

Only the latest versions of MYOB have the updated PAYGW rates current at 1 July 2005.

The latest versions are:

• MYOB Accounting Plus v15.0.1
• MYOB Premier v9.0.1
• MYOB AccountEdge v5.0.1

What does this mean for you?

It depends on the version of MYOB that you are currently running.

We note that if you subscribe to "MYOB Cover" you will receive the update automatically and will not be required to purchase anything.

Those who are interested in upgrading to MYOB Accounting Plus V 15.0.1 can purchase the upgrade through our office for $235 (RRP $299), plus freight/delivery. For those interested in upgrading to MYOB Premier 9.0.1 it can be purchased on the MYOB website at www.myob.com.au for $499.

Implications for QuickBooks Users

Quicken have made the new PAYGW tax tables available to download via their website for users on the latest version of QuickBooks.

The latest version is QuickBooks Pro 2005/6.

What does this mean for you?

If you require assistance with loading the new tables onto your current release of MYOB or QuickBooks, or would like further information regarding upgrades or assistance with manually using the Pay As You Go (PAYG) Withholding Tax Tables, please contact your adviser.

Copyright © 2005 WMS Solutions Pty Ltd

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