PAY-PACK Version 8.7

Version 8.7 was released in June 2013.  It is necessary for any employer who has paid an ETP Lump Sum since 1 July 2012.  If this has not happened you can continue to use PAY-PACK version 8.6.

ETP changes

The May 2012 budget introduced a change to the taxation of “golden handshake” payments for payees whose “total annual income” (with new definitions) is over $180,000.  Such payments are done as ETP lump sum payments.  Although this will only affect relatively few PAY-PACK employees, it means that the ATO has to ask some different information for all ETP’s to comply with the legislation.  The ATO correctly sought feedback from stakeholders including payroll software suppliers, such as Custom-Made Software Pty Ltd.  As a result the ETP screen is quite different in Version 8.7.

Please note that the majority of termination payments do not have any ETP lump sums.  Lump sums for unused annual leave, leave loading or long service leave are never ETP’s.  If you have paid any ETP Lump Sums since 1 July 2012 you will need PAY-PACK version 8.7.

You can easily find out whether you have paid any ETP lumps sums.  From the Main Menu choose Reports; Employees; Lump Sum.  Select the full year.  On this report you can see whether there are any lump sums with Assessability of C = Employment Term Paym (ETP).  If so, please contact Custom-Made Software Pty Ltd to get Version 8.7.

The Only Other Change

If you want to email payment summaries, version 8.7 has a technical change to make it a lot easier.  However beware that some ex-employees may have changed email address.  Emailing of pay slips is unaffected.

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