2024.01 release notes - AU
The 2024.01 release updates MYOB Exo Employer Services to comply with government requirements for the 2024–2025 financial year. You don't need to wait until the new financial year to install this release, as the compliance changes won't be activated in the product until 1 July 2024.
For detailed instructions on preparing for the end of the 2023–2024 financial year, see the end of financial year processes document.
Installing this release
Pre-install requirements
Requirements for PCs running Exo Employer Services components are detailed on the Minimum System Requirements page.
Installing Exo Employer Services
Check the release
To make sure this release installed successfully, check that the versions displayed on the About window (Help menu > About) match the versions listed here:
MYOB Exo Employer Services – 2024.01
MYOB Exo Payroll – 2024.01
MYOB Exo Employee Information – 2024.01
MYOB Exo Time and Attendance – 2024.01
Runtime Files – 09.00.0000.7423
Tax and compliance changes
PAYG
For Australian residents
Tax rates have changed.
On income between $18,201 and $45,000, the rate has reduced from 19% to 16%.
On income between $45,001 and $135,000, the rate has reduced from 32.5% to 30%
A 45% rate now only applies to income over $190,000. Previously, it applied to income over $180,000.
The following table explains how much tax is paid on different incomes. The table doesn’t include the Medicare levy or any low income or middle income offsets.
Taxable income | Tax on this income |
|---|---|
0 to $18,200 | Nil |
$18,201 to $45,000 | 16 cents for each $1 |
$45,000 to $135,000 | $4,288 plus 30 cents for each $1 |
$135,000 to $190,000 | $31,288 plus 37 cents for each $1 |
over $190,000 | $51,638 plus 45 cents for each $1 |
Non-resident PAYG tax rates and thresholds
The following table explains how much tax is paid on different incomes. Non-residents don’t pay the Medicare levy.
Taxable income | Tax on this income |
|---|---|
$0 to $135,000 | 30 cents for each $1 |
$135,001 to $190,000 | $40,500 plus 37 cents for each $1 |
$190,001 and over | $60,850 plus 45 cents for each $1 |
Shearing and horticultural industries
For foreign residents who provide a TFN, the tax rate has reduced from 32.5% to 30%. For more details, see the tax table for individuals employed in the shearing and horticultural industry on the ATO website.
Return-to-work payments
For any employee who receives a payment to resume working or provide services, the withholding rate has reduced from 34.5% to 32%.
Medicare levy exemptions for seniors and pensioner
Tax tables for seniors and pensioners now include full and half Medicare levy exemptions for the three payee categories: single, illness separated and couple. For more information, see tax tables for seniors and pensioners on the ATO website.
Student loans
The minimum repayment threshold is now $54,435. Previously, it was $51,532.
MYOB Exo Payroll automatically applies the new rates and thresholds for pays with a Physical Pay Date on or after 1 July 2024.
Medicare levy surcharge thresholds
From July 1 2024, Medicare levy surcharge thresholds are increasing. For details of the changes, see the ATO Medicare levy surcharge income, thresholds and rates page.
ETP changes
Employment Termination Payment (ETP) threshold amounts have changed as follows for the 2024–2025 financial year:
Amount | Old value | New value |
|---|---|---|
ETP cap | $235,000 | $245,000 |
Base limit | $11,985 | $12,524 |
Completed years service | $5,994 | $6,264 |
New companies created in the 2024–2025 financial year will be given these values by default. For existing companies, you must manually edit the values in the Payment setup > Termination Payments section of the Setup Payroll screen.
Superannuation
From 1 July 2024, the compulsory Superannuation Guarantee rate increases from 11% to 11.5%. When creating a new superannuation with the SG contribution type, the default percentage is 11.5 if the system date is 1 July 2024 or later; otherwise it is 11.
When creating a pay from 1 July 2024, a warning message appears:
To update all open pays, click Yes. If you click No, SG rates will stay as they are, and the warning will appear the next time you create a pay in the 2024–2025 financial year.
For employers who enforce the maximum earnings base for super guarantee contributions, the maximum super base quarterly amount has increased to $65,070 for the 2024–2025 financial year. Update the Maximum Earnings Base field to this amount on the Superannuation Maintenance screen for all superannuations where the Contribution Type is SG. Any new superannuation created in the 2024–2025 financial year will have its Maximum Earnings Base set to the new amount by default.
Child support deductions
From 1 January 2024, the Child Support Protected Earnings Amount (PEA) changed as follows:
Frequency | Amount |
|---|---|
Weekly | $514.50 |
Fortnightly | $1,029.00 |
Four weekly | $2,058.00 |
Monthly | $2,237.16 |
Any new Child Support Deductions created after the installation of this release will contain these values as defaults. However, MYOB Exo Payroll does not automatically update these amounts in existing deductions. You must edit them on the Deductions Maintenance window for each Child Support Deduction (if you have not done so already):
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The PEA amounts must be updated as shown for the first pay after 1 January 2024.
State payroll tax – Victoria
From 1 July 2024, the payroll tax free threshold has changed. For full details, see the State Revenue Office Victoria website.
MYOB Exo Employer Services only supports the changes that affects employers with wages below $3 million. For wages above that, we recommend using the payroll tax threshold calculator.
Resolved issues
Description | Issue ID |
|---|---|
When exporting the trial balance report to CSV or Microsoft Excel, paid carers leave wasn't being included. This has been resolved. Now, sick leave and carers leave are both included in the personal leave amounts in exported reports. | CE00038692 CE00038644 CE00038915 CE00039062 |
In Exo Employee Information, employees could be terminated without a cessation reason code. This meant STP data would be incomplete when submitting a finalisation to the ATO. This has been resolved. The Terminate Employee menu is now only available in Exo Employer Services. | CE00038808 CE00038802 |
For MYOB Partners – STP certificate information
Installing this release also adds a new Single Touch Payroll (STP) security certificate. This certificate is valid until 29 May 2026.