Company: Link Technologies
Case No: L12923. Project: 15.00: LinkSOFT Version 15.00
Logged By: Navneet Kumar on behalf of Sanjay (Link Technologies) on 11 Jul 2023 02:18PM
Priority: Low
Product: Payroll & HR
Group: Enhancement
Time Taken: 6.00 (Weight: 10.00)
Assigned To: Sanjay (Link Technologies)
Circulation: Navneet Kumar, Sanjay, Sitla Sharma, Vineshwar Prasad
Resolve By: Monday, 25 September 2023 04:22 PM [286 days since logged date]
Status: Closed
Subject: National Budget 2023-2024: Changes to Payroll and Point of Sale
Summary:    
Bula Team

Due to the change in the National Budget, below are the few changes which will be done in LinkSOFT.

  1. Payroll
    1. Social Responsibility Tax (SRT) – SRT will now be incorporated into the Pay As You Earn (PAYE) tax bracket and also a 5% reduction on income bracket above $270,000
    2. The new policy will be in effect from 1st January 2024
    3. Below is the Old tax Table (figure 1) and the New Tax Table (Figure 2)
Figure 1

Residential Individual

 

 

 

Non-Residential Individual

 

Chargeable Income  ($)

Income Tax ($)

Social Responsibility Tax ($)

 

Chargeable Income  ($)

Income Tax ($)

Social Responsibility Tax ($)

0 - 30,000

Nil

Nil

 

0 - 30,000

20% of excess over $0

Nil

30,001 - 50,000

18% of excess over $30,000

Nil

 

30,001 - 50,000

$6,000 + 20% of excess over 30,000

Nil

50,001 - 270,000

$3,600 + 20% of excess over $50,000

Nil

 

50,001 - 270,000

$10,000 + 20% of excess over 50,000

Nil

270,001 - 300,000

$47,600 + 20% of excess over $270,000

13% excess over $270,00

 

270,001 - 300,000

$54,000 + 20% of excess over 270,000

13% of excess over 270,000

300,001 - 350,000

$53,600 + 20% of excess over $300,000

3,900 + 14% of excess over 300,000

 

300,001 - 350,000

$60,000 + 20% of excess over 300,000

3,900 + 14% of excess over 300,000

350,001 - 400,000

$63,600 + 20% of excess over $350,000

10,900 + 15% of excess over 350,000

 

350,001 - 400,000

$70,000 + 20% of excess over 350,000

10,900 + 15% of excess over 350,000

400,001 - 450,000

$73,600 + 20% of excess over $400,000

18,400 + 16% of excess over 400,000

 

400,001 - 450,000

$80,000 + 20% of excess over 400,000

18,400 + 16% of excess over 400,000

450,001 - 500,000

$83,600 + 20% of excess over $450,000

26,400 + 17% of excess over 450,000

 

450,001 - 500,000

$90,000 + 20% of excess over 450,000

26,400 + 17% of excess over 450,000

500,001 - 1,000,000

$93,600 + 20% of excess over $500,000

34,900 + 18% of excess over 500,000

 

500,001 - 1,000,000

$100,000 + 20% of excess over 500,000

34,900 + 18% of excess over 500,000

1,000,000 +

$193,600 + 20% of excess over $1,000,000

124,900 + 19% of excess over 1,000,000

 

1,000,000 +

$200,000 + 20% of excess over 1,000,000

124,900 + 19% of excess over 1,000,000


Figure 2

Residential Individual

 

Non-Residential Individual

Chargeable Income  ($)

Income Tax ($)

 

Chargeable Income  ($)

Income Tax ($)

0 - 30,000

Nil

 

0 - 30,000

20% of excess over $0

30,001 - 50,000

18% of excess over $30,000

 

30,001 - 50,000

$6,000 + 20% of excess over $30,000

50,001 - 270,000

$3,600 + 20% of excess over $50,000

 

50,001 - 270,000

$10,000 + 20% of excess over $50,000

270,001 - 300,000

$47,600 + 33% of excess over $270,000

 

270,001 - 300,000

$54,000 + 33% of excess over $270,000

300,001 - 350,000

$57,500 + 34% of excess over $300,000

 

300,001 - 350,000

$63,900 + 34% of excess over $300,000

350,001 - 400,000

$74,500 + 35% of excess over $350,000

 

350,001 - 400,000

$80,900 + 35% of excess over $350,000

400,001 - 450,000

$92,000 + 36% of excess over $400,000

 

400,001 - 450,000

$98,400 + 36% of excess over $400,000

450,001 - 500,000

$110,000 + 37% of excess over $450,000

 

450,001 - 500,000

$116,400 + 37% of excess over $450,000

500,001 - 1,000,000

$128,500 + 38% of excess over $500,000

 

500,001 - 1,000,000

$134,900 + 38% of excess over $500,000

1,000,000 +

$318,500 + 39% of excess over $1,000,000

 

1,000,000 +

$324,900 + 39% of excess over $1,000,000

  1. Point of Sales
    1. Value Added Tax (VAT) - The three-tier vat rates have been amended to 0% and 15%, the following changes has been implemented:
      1. 9% VAT has been increased to 15% on goods and services whilst 0% remains the same.
      2. Zero rated VAT on 21 items remains (flour, rice, sugar, canned fish, cooking oil, potato, onion, garlic, baby milk, powdered milk, liquid milk, dhal, tea, salt, soap, soap powder, toilet paper, sanitary pads, toothpaste, kerosene, cooking) with the addition of prescribed medicine on the list. If a prescribed medicine is purchased of the self than the 15% VAT is applicable, whereas if the same medicine is prescribed by the Doctor that the VAT on the item will be zero.
      3. This policy will be in effect from 1st August 2023 
  2. Vat Monitoring System (VMS) - The planned further implementation of the VAT Monitoring System will be paused whilst the entire system is reviewed by the new Government.
Audit Notes:Edited by sanjay on 22/09/23 16:22. 
11 Jul 202302:17PM Comment 1 by Navneet Kumar Assigned To: Navneet Kumar Followup Date: 11-07-2023 02:04 PM Time Taken: 1.00

As per discussion with Sanjay below are the discussion notes;

  1. Payroll Tax - Use the Payroll Tax File upload to create the new tax brackets and import this.
  2. Point of Sale VAT - Create a tax code or amend the existing tax code to be 15%.
Note: There are no programme changes needed for this budget. The next release of LinkSOFT will have this as standard.

Regards
Navneet


11 Jul 202302:18PM Comment 2 by Sanjay (Link Technologies) Case L12923 added to project 15.00
14 Aug 202302:12PM Comment 3 by Vineshwar Prasad (Edge Business Solutions) Assigned To: Vineshwar Prasad (Edge Business Solutions) Followup Date: 14-08-2023 02:10 PM Time Taken: 1.00 Notes: ETC extended from: 11/07/2023 to 14/08/2023
Proceeding to close this case as all changes have been handled by Standard LinkSOFt functionality

22 Sep 202304:26PM Comment 4 by Sanjay (Link Technologies) Assigned To: Sitla Sharma (Edge Business Solutions) Followup Date: 25-09-2023 04:22 PM Time Taken: 1.00 Notes: ETC extended from: 14/08/2023 to 25/09/2023
Hi Sitla, Can you place the New Tax Table (similar to Table 1 in the header) as a comment so I can ensure the tax brackets are included in this release?

25 Sep 202301:05PM Comment 5 by Vineshwar Prasad (Edge Business Solutions) Assigned To: Sanjay (Link Technologies) Followup Date: 29-09-2023 01:02 PM Time Taken: 1.00
Hi Sanjay, I have attached the Nationa Budget for 2023-2024. This has the details of the Tax Tables on page 3.

26 Sep 202304:42PM Comment 6 by Sanjay (Link Technologies) Assigned To: Sanjay (Link Technologies) Followup Date: 06-10-2023 04:41 PM Time Taken: 2.00
Agreed to update New and Demo databases with current Tax Scale and review later in the year to update to the new rates.

Attachments:
- National Budget 2023-2024:Budget-2023-2024.pdf
If you have any queries regarding this support incident, please email admin@linktechnologies.com.au and include the Case No: L12923 in the subject line of all emails regarding this issue.

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