PAY42 Prioritised Deductions & OTP Tax Calculation
Name | Position | Option | Default | Description |
---|---|---|---|---|
Deduction Priority Processing | 14 | D | Deductions of the same priority are applied from the lowest values up to the higher values | |
Blank | Deductions of the same priority are applied from the highest values to the lower values | |||
Payment Method | 15 | blank | Where employee payment method is B - Blank and no bank details exist, pay employee by cash | |
C | Generate payment by cheque | |||
N | Generate no pay | |||
Tax Calculation for Low Income Minors | 19 | Y |
Enable automatic suppressing of withholding tax (PAYG) for employees who meet the following conditions:
A new field Low-Income Minor Weekly Threshold field will be available in the Tax & Rounding screen where the weekly threshold can be maintained and be used in the Calculate Payrun Process. |
|
N | Withholding Tax (PAYG) for employees for low income minors will not be automatically suppressed | |||
Average Weekly Pay calculation for Tax on One Time Payments | 23 | C | Use the current pay only when calculating the Average Weekly Pay; if not equal to 0. Do not work out the remaining OTP tax with Year to Date values on withheld OTP tax within the same financial year. | |
Y |
Use Year to Date values plus current pay when calculating Average Weekly Pay. Work out the outstanding OTP tax based on Year to Date values from withheld OTP tax within the same financial year. Note: This method does not support Prepay/Rebank, and manual calculation is required to adjust/reduce the YTDs. |
|||
blank | Use Year to Date values plus current pay when calculating Average Weekly Pay. Do not work out the outstanding OTP tax based on Year to Date values from withheld OTP tax within the same financial year. | |||
Deduct YTD OTP Amount from Weekly average earnings | 24 | E | Deduct YTD OTP Amount from Weekly average earnings. | |
blank | Do not deduct YTD OTP Amount from Weekly average earnings. |