Tax Rate Masters

This activity enables you to record the tax rate master for Australia statutory unit. You can specify the tax exemption values and the Medicare exemption values. You can also set zone wise tax offset values. For a tax category, you can specify the maximum tax offset amount, lower / upper salary threshold and the reduction amount. In the Medicare Levy Rate tab, you can select the PAYG classification and record the offset value against a Medicare levy parameter. Apart from this, you can also modify the details specified earlier.

Objective

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

Procedure

To record tax rate masters

To record tax rate masters, select Statutory → Australia Statutory Master Setup → Tax Rate Masters from the Business Process menu.
Choose an Option from the Australia Statutory Setup Unit combo. The system displays the Currency of the selected OU.
There are two tabs displayed viz. Tax Offset Rate Master and Medicare Levy Rate Master.
Click the Tax Offset Rate Master tab to specify the exemption category.
In the multiline, enter the Maximum tax offset amount allowed, Lower salary threshold, Upper salary threshold and Reduction Amount for the Tax offset category.
In the Zone Offset Constants section, enter the Offset Constants against a Zone Type.
In the Modification Details section, choose Update option from Modification Option combo to save the details with the current effective date.
Enter the New Effective From date to validate the records.
Enter relevant Remarks that pertain to the tax rate masters.
Click Submit to save the details.

To edit tax rate masters

To modify tax rate masters, select Statutory → Australia Statutory Master Setup → Tax Rate Masters from the Business Process menu.
Choose an Option from the Australia Statutory Setup Unit combo. The system displays the Currency of the selected OU.
Click the Tax Offset Rate Master tab to specify the exemption category.
In the Access History section, choose the Effective Period combo to access the history with the effective dates.
In the multiline, modify the Maximum tax offset amount allowed, Lower salary threshold, Upper salary threshold and Reduction Amount for the Tax offset category.
In the Zone Offset Constants section, modify the Offset Constants against a Zone Type.
Click Get Details to retrieve the tax rate table details.

The system retrieves and displays entire details of the tax rate master. Make required modifications to the data displayed. Refer Fields in this Screen topic for an explanation of the fields displayed.

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 master, 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.

Enter relevant Remarks that pertain to the tax rate table.
Click the Submit to save the modified tax rate table.

Fields in this screen (Tax Rate Masters)

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 Component Interaction Mapping available in the database.
Currency	The currency of the login OU.	Textbox	No	25	No
Tax Offset Rate Master tab
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.
Multiline
Tax offset Category	The tax exemption category.	Textbox	No	40	Yes
Maximum tax offset amount allowed	The maximum tax exemption amount allowed for the tax category.	Textbox	Yes	15	Yes
Lower salary threshold	The lower salary threshold limit of the tax exemption category.	Textbox	Yes	15	Yes
Upper salary threshold	The upper salary threshold limit of the tax exemption category.	Textbox	Yes	15	Yes
Reduction Amount	The exemption amount of the tax category.	Textbox	Yes	15	Yes
Zone Offset Constants
Zone Type	The zone for which the tax exemption is applicable.	Textbox	No	15	No
Offset Constants	The exemption value for the selected zone.	Textbox	Yes	15	No
Medicare Levy Rate Master tab
Medicare Levy Surcharge
PAYG Sub classification	The option that indicates the PAYG sub classification.	Combo	Yes		No	Tax-free threshold claimed/Half exemption from Medicare levy/Senior Australians.
Medicare Levy Surcharge Rate	The Medicare levy surcharge rate for the classification	Textbox	Yes	25	No
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 multiline
Medical Levy Parameters	The medical levy factors for which tax rate is to be defined.	Textbox	No	100	No
Value	The value for the medical levy parameter.	Textbox	Yes	15	No
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