Tax Tables

Tax Tables provided by the ATO are kept in this option and are pre-loaded into Preceda when delivered. The formula for the tax calculation is supplied by the ATO and is printed in a publication titled Schedule 1 Pay as You Go (PAYG) statement of formulas for calculating amounts to be withheld.

Prerequisites

• No prerequisites

Rules and Guidelines

• As and when updates are issued by the ATO, they will need to be updated.
• Tax Tables are used along with the Tax Record and Tax Zone and Rounding details, in the calculation of tax.
• Tax Tables may be manually entered or the Security Officer can download the newest tables when advised.
• Any changes made to this record must be fully tested to ensure the results comply exactly with tax tables published by the ATO.
• Under no circumstances will responsibility be taken for inaccurate tax calculations arising from incorrect manual changes of these records.

Field Information

Code*

The value of this field must be in accordance with the current tax scales.

Record Number*

The value of this field must identify the factor used in the calculation formula.

Code	Description
1	Weekly Maximum Earnings
2	Factor B
3	Factor A

 

Value 1 to 10

These fields contain the values of the factor specified in the Record Number field.

The highest value must be entered in each unused Value field.

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