Bonus Payment

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Intellisec
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Bonus Payment

Hi

Can you please advise me how to process a bonus christmass payment which I would like to do in between a fortnightly payroll.

 

Thank you

Stacy

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jenniek
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Re: Bonus Payment

Hi there,

You need to create (if you don't already have one) a bonus code which needs to be a gross earnings code if bonuses are regular or agreed to in their employment contract. If can be a taxable allowance code if it was not agreed to, totally random. The difference is whether the bonus us included in the 8% holiday pay calculation or not. With gross earnings it is, with a taxable allowance it is not. You need to refer to the Dept of Labour website to clarify.

In MYOB terms, create the Bonus code, then run the payrun paying out the bonus amount. You would tax override the tax though and tax this amount with a secondary tax code (dependant on their earnings) - as this is money over and above their normal earnings.

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
Suja_P
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Re: Bonus Payment

Hi Stacy (@Intellisec),

 

I trust Jennie's prompt response has helped you with your query. Please do let us know if you have any further queries.

 

Wish you a wonderful Christmas and a very happy new year.

 

Cheers,
Suja Pillai

Social Support and Community Manager

Online Help| Forum Search| my.MYOB| Download Page

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Intellisec
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Re: Bonus Payment

Hi Suja

The reply didn;t really answer my question. I was more specificially looking at what steps to use to process in MYOB in between fortnightly pays for salary payments.  I have since gone on line and think I have found the soluiton.

 

Thanks you

Stacy

Suja_P
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Re: Bonus Payment

Hi Stacy (@Intellisec),

 

Thank you for the update. Glad to hear that you've since been able to find a solution. Do post again should you have any further queries.

 

Hope you have a wonderful Christmas and a great new year. 

Cheers,
Suja Pillai

Social Support and Community Manager

Online Help| Forum Search| my.MYOB| Download Page

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