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What is the Tax Allowance Breakdown and how do I use it?

Updated on Oct 03, 2024

The Tax Allowance Breakdown, specific to Trinidad and Tobago and St. Lucia, helps track employee allowable deductions for tax purposes.

Here's how to use it:

Enable the Use Tax Allowance Breakdown flag for the relevant pay group in Payroll > Maintenance > Statutory Deductions > Use Tax Allowance Breakdown.
Enter individual tax allowance amounts as cycle changes using the appropriate TA codes (e.g., TA6 for Personal Allowances, TA4 for Annuities) in POWERpay > Process Payroll > Cycle Changes.

Note: With the Auto-Calculate NIS Impact flag enabled, the system automatically calculates the NIS allowance (TA1) based on YTD contributions.

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Payroll

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Organisation Setup 9

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Statutory Deductions 14

Tax Allowance Breakdown 9

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Payroll Processing: Employee Transactions 12

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Process Payroll - Out of Cycle 3

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Statutory Reports 5

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What is the Tax Allowance Breakdown and how do I use it?

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