Australia Tax Rate Table

This activity enables you to record tax rate table for Australia statutory unit. You can compute the employee’s tax based on the tax rate table. You can specify the salary amount of the employee and tax percentage for the selected tax payer classification. You can also modify the details specified earlier.

Objective

Through this activity, you will be able to do the following:

Procedure

To record Australia tax rate table

  1. To record Australia tax rate table, select Statutory → Australia Statutory Master Setup → Australia Tax Rate Table from the Business Process menu.

  2. Choose an Option from the Australia Statutory Setup Unit combo. The system displays the Currency of the selected OU.

  3. In the Search Criteria section, choose the Tax Payer Classification to record the tax rate table. The system loads the Sub Classification options that have been mapped to the selected Tax Payer Classification as options.

  4. In the Tax Rate Table section, enter the Salary From, Salary To, Coefficient For Multiplication (a) and Coefficient For Subtraction (b) for which the rate master table is to be defined.

  5. In the Modification Details section, choose Update option from Modification Option combo to save the details with the current effective date.

  6. Enter the New Effective From date to validate the records.

  1. Enter relevant Remarks that pertain to the tax rate table.

  2. Click the Submit to save the tax rate table.

To edit the Australia tax rate table

  1. To edit Australia tax rate table, select Statutory → Australia Statutory Master Setup → Australia Tax Rate Table from the Business Process menu.

  2. Choose an Option from the Australia Statutory Setup Unit combo. The system displays the Currency of the selected OU.

  3. In the Search Criteria section, choose the Tax Payer Classification to modify the tax rate table. The system loads the Sub Classification options that have been mapped to the selected Tax Payer Classification as options.

The system retrieves and displays entire details of the Tax Payer Classification and Sub Classification. Make required modifications to the data displayed. Refer Fields in this Screen topic for an explanation of the fields displayed.

  1. In the Access History section, choose the Effective Period combo to access the history with the effective dates.

  2. In the Tax Rate Table section, modify the Salary From, Salary To, Coefficient For Multiplication (a) and Coefficient For Subtraction (b) for which the rate master table is to be defined.

  3. In the Modification Details section, choose Correct option from Modification Option combo to save the modified details with the current effective date.

Note: Modification Option: While modifying the rate tables, you can use one of the two available modification options viz., “Correct” and “Update”. If you choose the Correct option, the changes you make will come into effect in the existing record itself. If you choose the Update option, the system closes the existing version of the record and will create a new record containing the changes you make. You are to specify a new effective date, which will become the effective date for the new record. 

  1. Enter relevant Remarks that pertain to the tax rate table.

  2. Click the Submit to save the modified tax rate table.

Fields in this screen (Australia Tax Rate Table)

Field Name

Description

Type

Editable

Field Length

Mandatory

Remarks

Australia Statutory Setup Unit

Choose the Australia Statutory Setup Unit for which the rate table has to be defined.

Combo

Yes

 

Yes

Corresponding OU names are loaded in the

Australia Statutory Setup Unit combo based on the login OU.

Currency

The currency of the login OU.

Textbox

No

40

No

 

Search Criteria section

Tax Payer Classification

The option that indicates the classification of tax payer.

Combo

Yes

 

Yes

The tax payer classification defined through the Maintain Quick Codes activity are listed as options.

Sub Classification

The option that indicates the sub classification of the tax payer.

Combo

Yes

 

Yes

Corresponding classification options are loaded based on the value selected in Tax Payer Classification combo.

Access History section

Effective Period

The option that indicates the effective period for the tax rate slab. The combo displays the latest values by default.

Combo

Yes

 

No

Use the drop-down values to view previous ‘history data’.

Tax Rate Table section

Salary From

The starting salary range for the selected tax payer classification for which the rate master table is to be defined.

Textbox

Yes

15

Yes

 

Salary To

The ending salary range for the selected tax payer classification until which the rate master table is to be defined.

Textbox

Yes

15

Yes

Ensure that the entered values are in a continuous sequence.

Coefficient For Multiplication (a)

A constant factor to determine the tax rate.

Textbox

Yes

15

Yes

 

Coefficient For Subtraction (b)

The coefficient value for subtraction to determine the tax rate.

Textbox

Yes

15

Yes

 

Modification Details section

Modification Option

Choose the action that you want to perform. The options are Correct and Update.

Combo

Yes

 

Yes

If you choose Update then the system closes the existing details. You should mandatorily enter the New Effective date from which the details will become effective.

New Effective From

The new effective date of updated records from when the entries become valid.

Textbox

Yes

 

 

 

Remarks

Any remarks or additional modification information regarding the rate table details.

Textbox

Yes

250

NA