Bonus Section does not appear in EOFY Finalisation

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Bonus Section does not appear in EOFY Finalisation

Hi all,

 

I am in the process of finalizing the figure for the payroll and just realized the bonus figure never been updated even we have set it up within MYOB Essential Accounting.

 

We do not deduct tax from the bonus and normally the employee will need to pay the tax for their ordinary income+bonus at the end of the year.

 

Please find the screenshot attached.

 

I really appreciate it if someone can give me any advice on this.

 

Thank you

Bonus.jpg

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Re: Bonus Section does not appear in EOFY Finalisation

Hi @RubyVu 

 

As gross payments are generally taxable, therefore, if any pay item is assigned to Gross Payments as the ATO reporting category, the amount would only show up in the year to date (YTD) verification if it's taxable. Therefore, I would recommend speaking with an accounting advisor or ATO to confirm if Bonus should be taxable or non taxable (Please note that Bonus won't appear in the verification report if its assigned to gross payments and categorised as non taxable).

 

Once confirmed, please do a $0 payrun with the payment date as 30th June to update the details to ATO. 

Kind regards,
Komal

MYOB Community Support

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Re: Bonus Section does not appear in EOFY Finalisation

Hi @Komal_S ,

 

Thanks for your advice.

 

Per what I know, the bonus is taxable but normally we do not deduct tax on the bonus, we just get the bonus released as it is and then at the end of the financial year, our employees will need to pay tax on this.

 

I assumed that if I changed the bonus item to taxable, it should appear in the YTD figure, is it correct?


Thank you

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Re: Bonus Section does not appear in EOFY Finalisation

Hi @RubyVu 

 

Yes, if you change it to taxable and then do a $0 payrun, the amount should appear in the verification report. 

Kind regards,
Komal

MYOB Community Support

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Re: Bonus Section does not appear in EOFY Finalisation

Thanks @Komal_S 

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