Check The PAYG Tax Tables

 

You can watch our video tutorial below:

The new tax tables apply to payments made on or after 1 July 2024. The tables are dated 01/07/2024 and will calculate tax at the new rates for wages processed after Wagemaster has been updated with this pd

Tax changes, effective from 1 July 2024, are:

• On 25 January 2024, the government announced changes to Individual income tax rates and thresholds from 1 July 2024. These changes are now law.

  From 1 July 2024, the proposed tax cuts will:

  • reduce the 19 per cent tax rate to 16 per cent
  • reduce the 32.5 per cent tax rate to 30 per cent
  • increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000
  • increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000.

  For more information see:

  Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024

Prior to installing the tax tables, you will need to ensure your Wagemaster is up-to-date by downloading and installing the latest version.

1. Click on the link below to download the Tax Table from 01/07/2024 onwards:
   Tax Tables_2024-25 (Do not open it, upload it as per the steps below).
2. It may download directly depending on your browser download settings in the bottom left corner or top right corner, right-click and click on Show in folder.                                                 
   • Or you may be taken to the page with the download option; click the Download button.
   • Or the Save As window appears if your browser settings are not set to auto-download the attachments. Save the file onto your desktop in this option (if you choose to save it elsewhere, make sure you remember the exact location). Remember the location where it downloads.
3. Follow the instructions below to update the tax tables in your Wagemaster file. 

Update The PAYG Tax Tables                               

1. In the Wagemaster application, click on Setup and select Associations. 
2. The Associations window will be displayed. Double-click on Tax Tables.
3. The Edit Association Details – Tax Tables screen appears.
4. Select the Internet tab, then tick the Tax Tables & Rebates box. Ensure that the other options are not selected. If they are, click into those boxes to deselect. Click on the Update Now button.
    
5. The Update Association Data Wizard will be displayed. Click on Next.
6. At the Update Data Source window, select Load from the disk file. Click on the ellipsis (the three little dots) to locate the saved tax tables file.
7. At the Open window, click on Desktop. (If you have saved the file elsewhere, click on the dropdown arrow in the Look in field to find the location).
8. Using the scroll bar on the side, scroll down till you see the saved tax file. Select the file named Tax Tables 2023-24 Updated. Pdl. Then select open.
9. The Update Data Source window appears again with the file path (the location where the file is saved) added to the Load from the disk file field. Click Next.
10. The Finish Update Data Wizard window appears. Click Finish.
11. You will end the update process with the Finish Update Data Wizard window. Click Close to end.
    

Verify Update Of Tax Tables

To check if your tax tables have been updated successfully:

Change your PPE date to the first pay run in the 2024/2025 new financial year by clicking on PPE: from the menu and selecting the first PPE date on the calendar in July (highlighted yellow in the example below) and verify if the tax tables have updated as per the instructions below.

Click on Setup > Tax > Tables. 

At the Tax Tables window, check for 2023-24 (highlighted in the picture below) at the end of each tax table entry.  Then Click on the most common Tax Table used > Edit and see if the rates have changed.

 

1. Once you have confirmed that the tax tables are updated, you are ready to process your pay.
2. Repeat the above steps for any additional files you may have.

Please Note
Do not open the downloaded tax tables. Upload them as per the steps above. 

Once you have updated the tax tables, you can check it by changing the PPE to July and processing a dummy pay run; 

Click on the Tax tab in the adjustment screen, and you should be able to see the 2024-25 tax table in the description.