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Taxation Wage Easy Payroll has the capacity to fully automate the routine employee tax functions such as Pay-As-You- Go (PAYG) deductions and Payroll Tax payments. It also has the flexibility to handle many of the changes that regularly occur in the Australian taxation system, and to work easily with variations that are available to employees in relation to their personal tax affairs. The Wage Easy Payroll tax system is also accurate and makes tax calculations as required by tax laws. |
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| Tax Tables All of the PAYG (PAYE) tax calculation factors are stored in the common Tax Table area of Wage Easy Payroll. These tables are arranged in a standard format that matches the system used by the Australian Taxation Office (ATO), thus simplifying the entry and maintenance of the tax scales. All tax tables are configured for a weekly pay period, matching the commonly available data from the ATO. Wage Easy Payroll then adapts the calculation factors as required for fortnightly, four weekly and monthly pay periods. |
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Wage Easy Payroll is shipped with the common tax tables, including tables applicable to HECS and Medicare, already installed (current at time of manufacture). Naturally, tax scales will change over time and for those companies that belong to an appropriate employer association, tax data can be downloaded via the internet. It is also probable that this data will be able to be directly downloaded directly from the ATO in the future. |
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Employee Deductions Each employee has a link established to one tax table within Wage Easy Payroll. In most cases this will be a standard table, although it is possible to establish as many custom tax tables as required to suit individual arrangements. Within the employee file, individuals may also nominate to have additional tax deducted or be nominated for various rebates. Using this system, Wage Easy Payroll is able to handle the full range of rebates and additional deductions such as child support and garnishee requirements. |
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Wage Easy Payroll can also be configured to automatically and correctly calculate deduction of employee tax for leave extending over multiple pay periods, termination and severance. Like all the tax calculations however, these can be manually checked and changed at the pay slip preparation stage. Manual calculations can be assisted by a drop-down tax calculator. Tax Reporting All the information necessary for the preparation of employee ATO Summary (group certificates) is stored by Wage Easy Payroll. This means that the ATO Summary or statements can be prepared automatically, including preparation for submission to the ATO by magnetic media, and printed copies for the employee. A full range of employee tax reports is available from Wage Easy Payroll. These include periodic contribution summary reports for PAYG, in electronic or paper format. Individual year-to-date amounts can be viewed in the employee file. A report for the payment of Payroll Tax is also available if required, and this takes into account the gross wages, less any allowances or other components that are not taxed under the scheme. Group tax payments can be made electronically if the company has the required banking arrangements in place. |
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