Not available in Accountants Office
Why Copy a Parameter Table?
The ONLY reason to copy a Parameter table would be to perform What-if Calculations for Tax Planning purposes.
For example: you may have a client who is turning 55 years of age next year, or is thinking of entering the Averaging System (either as a Primary Producer or a Special Professional), or is thinking of disposing of a lot of assets, and you want to know the tax effect of doing such things, then you would copy the 2018 Parameter Table and rename it to 2019, edit the tax rates and use it to calculate 2019 scenarios of tax payable.
Parameter Tables come in pairs, one for the current year and one for the subsequent or PAYG Income year. The Default Table will be for the PAYG income year, and this is the table you will need to copy so that it can be used with the current year data to provide a tax estimate for the next year. You will not be able to rely entirely on the PAYG income tax calculated for the next year or for Offsets and rebates, Medicare etc., as these will not have been published at the time.
Click Maintenance > Parameter Tables.
Highlight the PAYG Income year parameter table (in most instances this will be the Master Individual Table) and select Copy. The Add/Edit Parameter Tables dialog is displayed.
At the Name field give the Table a description by which you will easily recognise which year’s Tax Rates are being used
At the Year field, edit the year from the PAYG year to the current year.
You can elect to edit the Tax brackets or any of the values in the Parameter Tables now or at a later stage. Remember if you are editing Tax rates, then you must edit all four Tax Tables (Resident, Non-Resident, Minors and Non-Resident Minors) offered in the Add/Edit Parameter Tables dialog.
Press [F6] or click OK to save the change. Your Practice Parameter Table is now available for selection from the Parameter Tables Index.
To attach this Practice Table to one of your What-if calculation scenarios:
Highlight the particular Calculation and click on the Properties Icon.
At the Parameter Tables pane of the Properties dialog, Current field, press [F10] and select the table.
Name: The name of the Practice Parameter Table may be changed at any time. However, it should have a description that allows you to easily recognise which year's rates you are using. For example if you take a 2018 Table to use in 2019 calculations because you want to know what the taxpayer's tax liability might be in 2019 if certain events happen, then give the Table a description something like 2019 What-if Calculations.
The Estimate that is produced will be calculated in accordance with the Tax Rates so far published for the PAYGI income year.
As previously explained, you would not need to place reliance on the PAYGI Instalment Tax calculated as this would also be based on 2018 and not 2019 tax rates.
Description of fields
Year: This field can be edited only when copying a parameter table. Once a parameter table has been copied, this field cannot be edited.
Edit: Select the table to edit. You may edit the Tax Rates (tax brackets) and the Parameters of Tax Rebates and Offsets now if that is required or close the Table [F6] or [OK] and do any editing required at a later stage. MYOB does not advise editing tax rates unless advised to do so because the Government has introduced new rates during the income year. You may, of course, edit rates in any copy of a Master table that you create for your own purposes.
If you make a mistake and wish to restore a Master table you have edited, select the ‘Copy from Master’ button and highlight the table to be copied and the corresponding Table in the Master Tax Tables dialog offered.