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Description

FastTrack360 from the 11.37 release onward, provides automated support for applying low income tax offsets to reduce eligible payees' tax withholding.

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For more information about how low income tax offsets work in FastTrack360, refer to the following topic in the online help: https://fasttrack36 0help.fasttrack360.com.au/display/MBOV1OH/Low+Income+Tax+Offsets Support for Low Income Tax offsets.

Benefits

This enhancement provides support for applying a tax offset to a payee's tax withholding without the need to manually adjust the amount of tax that is withheld from the payee's earnings in each pay period.

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A low income tax offset can be applied to a Payee record by ticking the Tax Offset Claimed field and keying in the offset amount that the payee is claiming in the Offset Amount field on the PAYG Tax Details. For more information, see Updating the PAYG Tax Details.

If the current payee validity period has been used, a new validity period may need to be added to the Payee record before you can apply the tax offset details on the payee record. For more information, see Payee Details Validity Period.