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NicP81's avatar
NicP81
2 years ago

Bonus payment tax issue

Hi, I did my final 2023 FY pay run yesterday but then decided we were going to give one employee a $5K bonus.  I had already submitted his usual pay so I did an extra pay entry for just the bonus but when I worked out the tax I think I have included his usual fortnightly tax as well.  ($5K bonus on an $80K income.  Usual fortnightly tax is $850 as there is a HECS debt.  Bonus tax was $2,392).  I think the $2,392 may have included his usual $850 as well which means I've taxed him $850 twice.  How do I fix that in MYOB?

  • Doreen_P's avatar
    Doreen_P
    2 years ago

    Hi NicP81 

     

    When paying bonus to an employee, a new wage pay items needs to be set up. The Help Article, Bonus and allowances will provide the steps on how to do it. If the pay has been recorded already, an adjustment is needed. Kindly check The Help Article Fixing a pay as it will guide you through how to do it. 

     

    Please let me know if you need further assistance.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

     

    Best regards,
    Doreen

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    2 years ago

    Hi NicP81 

     

    When paying bonus to an employee, a new wage pay items needs to be set up. The Help Article, Bonus and allowances will provide the steps on how to do it. If the pay has been recorded already, an adjustment is needed. Kindly check The Help Article Fixing a pay as it will guide you through how to do it. 

     

    Please let me know if you need further assistance.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

     

    Best regards,
    Doreen

    • NicP81's avatar
      NicP81
      2 years ago

      Thank you Doreen.  I had my accountant check it out and she confirmed what I had done was correct after all.

       

      Thank you for your response though.

      • Doreen_P's avatar
        Doreen_P
        MYOB Moderator
        2 years ago

        Hi NicP81 

         

        Thanks for updating us about this. Glad to hear that it has been resolved. Feel free to post again if you will encounter any issue. We'll be more than happy to assist.

         

        Best regards,

        Doreen

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