Forum Discussion

EKM's avatar
EKM
2 months ago

One-off bonus payments

Hi, Our staff are currently paid their salary monthly on the last day of the month, for the month worked. I am trying to set-up a one-off bonus payment to staff to be paid on 20 Dec. Do I just selec...
bonus pay
  • Doreen_P's avatar
    Doreen_P
    2 months ago

    Hi there EKM,

     

    You can check how the bonus was set up. Since the bonus is paid as one off payment, make sure to choose "Tax as extra pay." This ensures the correct tax treatment for the bonus. You can check this link for more information. In addition, if you need to record multiple pay runs for an employee, you can definitely do that.

     

    Best regards,

    Doreen

Doreen_P's avatar
Doreen_P
MYOB Moderator
2 months ago

Hi there EKM,

 

You can check how the bonus was set up. Since the bonus is paid as one off payment, make sure to choose "Tax as extra pay." This ensures the correct tax treatment for the bonus. You can check this link for more information. In addition, if you need to record multiple pay runs for an employee, you can definitely do that.

 

Best regards,

Doreen

EKM's avatar
EKM
2 months ago

Hi Doreen,

Thanks, yes it is set-up as 'Tax as extra pay' but still the PAYE is only $1,210 on the $10k bonus. The total salary is $120k excluding the $10k bonus so surely the PAYE should be more than this?

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    2 months ago

    Hey EKM,

     

    I'd suggest speaking to your accountant to check the setup of the bonus payment, making sure that the PAYE will be calculated correctly. You can also reach out to our support team directly on Live Chat via our virtual assistant, MOCA, or by submitting a support case via MyAccount so they can look into it.

     

    Best regards,

    Doreen

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