Hi all
I have found out that the income tax setting for myself as an employee is not correct.
I have found this out by the amount payable under PAYG withheld for Employees.
I thought it was a bit high but until yesterday when lots of other issues were sorted out and now have a potential triple BAS payment amount for the qtr.
Example.
Salary for the year is $45k, therefore, income tax should be $6172.00 according to the ATO simple income tax calculator.
QB has somehow automatically set rates so that is has deducted $11649.00
The pay runs have been lodged thru STP obviously throughout the year. But the BAS for the last qtr has not.
How can I amend the Payruns done in the last qtr so that the amount due on the BAS is corrected and that the amount due is greatly reduced or realistically a negative amount?
More importantly, how has QB used or obtained the rates it is using and how do I change them?
Roger
