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Business Tax Tip – What Tax and Super is on Commissions and Bonuses

images/Business Tax Tips.PNGWhat tax and super is there on commissions and bonuses paid to your staff?

The Australian Tax Office (ATO) has a great page that summarises when tax and super applies in neat easy-to read tables. Here we focus on 2 main payments that employers are often unsure about.

Bonuses

There is PAYG (Pay as you go) tax as well as super on bonuses which are still income for the employee.

images/Tax  Super on Bonuses.JPG

Commissions

There is PAYG (Pay as you go) tax as well as super on commissions which are still income for the employee, like ordinary hours, see further down this table.

images/Tax  Super on Commissions.JPG

·        For other payments such as allowances, expenses, paid leave, and termination payments see the full detail of the tables on the ATO page to know when tax and super applies in neat easy-to read tables.

·         For all the tax tables (can download a PDF version to keep on your PC desktop) see ATO Tax Tables page, there is also a link to the handy Tax Calculator they supply online, at the top in the writing.

·         Contractors may require tax and super to be paid – be careful – See Employee or Contractor

·         For Super calculations see ATO Superannuation guarantee contributions calculator

Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia
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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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