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HELP debt
HELP debt
« on: August 05, 2008, 05:40:06 PM »

Hi everyone,

We have just taken on our first employees and I am using the integrated payroll function in QB.  Since we only have 2 exployees who are paid a set wage each week, I haven't wanted to update to Advantage to get the new tax tables.  I am happy to enter in the adjusted amount off of the tables provided by the ATO.

That is fine for the PAYG component but the problem I am having is that even though both employees have been ticked that they have a HECS/HELP debt, in the payment summary table there is only a deduction line for PAYG.

How do I get it to put in the HECS line so I can manually enter the amount which should be withheld?
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Re: HELP debt
« Reply #1 on: August 06, 2008, 09:54:11 PM »

If you were using the updated tax tables, QuickBooks would withhold more tax for a HELP Debt employee than a normal employee (all under PAYG). At the end of the financial year, when the employee completes a tax return they have essentially paid more tax then they should have, however the ATO will say "you had a HELP Debt, so you owe us $xxxx" - they is where the additional withholding comes into it.

To calculate it manually you need the HELP Debt tax tables, which can be found at

http://www.ato.gov.au/businesses/content.asp?doc=/content/33283.htm




Regards,


Jason
www.quickbooksolutions.com.au
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Re: HELP debt
« Reply #2 on: August 08, 2008, 11:56:46 AM »

Thanks for that Jason,

I've used the new tax tables to deduct the PAYG component as well as the HECS component so we're paying our employee the correct amount.

I guess my question is - when I'm manually entering the tax withheld on the PAYG line, should I be adding together the amounts for PAYG and HECS??  I would've thought that there would be one line for PAYG witheld amount, and one for HECS??

Thanks,

Amy
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Re: HELP debt
« Reply #3 on: August 09, 2008, 07:10:35 AM »

Hi Amy,

No, you just enter the TOTAL HELP + PAYG as one entry. You aren't withholding a HELP repayment, you are just withholding additional PAYG to cover the employee's HELP debt at the end of the tax year.



Hope that makes sense,


Jason
www.quickbooksolutions.com.au
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