+ Reply to Thread
Page 2 of 2 FirstFirst 12
Results 11 to 19 of 19
  1. #11
    Join Date
    Jun 2010
    Posts
    8,804
    Thanks
    7,291
    Thanked
    9,742
    Reviews
    5
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts

    Default Salary and bonus payment...

    Quote Originally Posted by Turk EnJayDee View Post
    That's what I thought. It's a yearly bonus so it is quite a big amount but they have paid it in his fortnightly pay... are you a spy? :sly:

    Sent from my GT-I9300T using BubHub
    Hahahaha no!

  2. #12
    Join Date
    Nov 2011
    Posts
    3,789
    Thanks
    1,216
    Thanked
    2,137
    Reviews
    15
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    My annual bonus is always been paid seperate to my normal pay, I thought that was how it was meant to be done?
    I'd have your DH ring his payroll just to confirm! That's a major pain

  3. The Following User Says Thank You to Anjalee For This Useful Post:

    Turk EnJayDee  (12-09-2012)

  4. #13
    Join Date
    Oct 2010
    Posts
    11,043
    Thanks
    3,566
    Thanked
    6,678
    Reviews
    1
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    Awards:
    100 Posts in a week
    When I've received bonuses (twice a year), I get my normal pay taxed exactly as it is every week, then the bonus is included on the same pay slip but taxed at the correct (enormous) rate.

    Hope that makes sense!

    Last bonus I lost $1000 to tax

  5. The Following 2 Users Say Thank You to Mod-Degrassi For This Useful Post:

    peanutmonkey  (12-09-2012),Turk EnJayDee  (12-09-2012)

  6. #14
    Join Date
    Sep 2009
    Location
    Perth, WA
    Posts
    1,270
    Thanks
    376
    Thanked
    362
    Reviews
    1
    Achievements:Topaz Star - 500 posts

    Default Re: Salary and bonus payment...

    Well I called the ato and of course they have no idea about anything. But said if it's a lump sum (I'm pretty sure it's still considered salary on group certificate) that it will be taken in to consideration when we do tax next year.

    I think it's a load of crap. Because of this, DP's salary payment was almost half what it normally is and the bonus we got was pathetic.

    It's so crap that you work your butt off, bust your guts all year and then mr tax man gets your hard earned bonus. I know tax money us needed for all sorts and thats fine, but bonuses shoukd be exempt from tax. Would that not boost the economy?

    Sent from my GT-I9300T using BubHub

  7. #15
    Join Date
    Jan 2009
    Posts
    10,609
    Thanks
    404
    Thanked
    1,920
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    You won't pay extra tax in the long run, as it's subject to normal tax rates, but you may not get it back for almost a year now, so it would be better if it was taxed appropriately at the time, as it's better in your hands than the ATO's.

    eg. if the annual salary was $60,000 and the bonus was $10,000, you pay tax on $70,000, and the $10,000 payment would attract about 30% tax (i think thats the relevant rate for that bracket, or thereabouts).

    Perhaps talk to the employer, and get them to separate it from the fortnightly pay, and ask them to tax it by taking into account the annual salary?

    they would never stop taxing bonuses, as people would use it for tax avoidance, eg. a salary would include a bonus component when it's not truely a bonus, to avoid tax. they would say that a component was a bonus, but really it was guaranteed. In any event, it is income.

  8. #16
    Join Date
    Mar 2006
    Posts
    4,765
    Thanks
    1,903
    Thanked
    2,791
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts

    Default Salary and bonus payment...

    If bonuses were exempt from tax then everyone would get tiny salaries and huge bonuses, and tax rates would go through the roof!

    It does seem unfair. But you will get a lot of the tax back at the end of the year.

  9. #17
    Join Date
    Jul 2011
    Location
    Melbourne
    Posts
    5,005
    Thanks
    1,052
    Thanked
    3,524
    Reviews
    1
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts

    Default Salary and bonus payment...

    Quote Originally Posted by shelle65 View Post
    If bonuses were exempt from tax then everyone would get tiny salaries and huge bonuses, and tax rates would go through the roof!

    It does seem unfair. But you will get a lot of the tax back at the end of the year.
    ^^ this

  10. #18
    Join Date
    Mar 2009
    Posts
    1,694
    Thanks
    260
    Thanked
    220
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Dhs are always paid like that, it's crap but they won't change it. His company was recently bought out so payroll is done by the new company and they do it the exact same way.For our businesses we process seperatly normally, one girl asked for hers to be done altogether so she pays the higher tax rate so hers is done that way...we only have 30 employes in 2 businesses though so not much trouble for me to change.

  11. #19
    Join Date
    May 2012
    Location
    Springwood QLD
    Posts
    82
    Thanks
    92
    Thanked
    7
    Reviews
    0

    Default Re: Salary and bonus payment...

    When i process bonuses at work they go through as an 'allowance' and taxed with the fortnightly.pay. Its normally alot of.tax but it works out that u get it back at tax time.

    Sent from my GT-I9100T using BubHub


 

Similar Threads

  1. Replies: 8
    Last Post: 27-12-2011, 15:55
  2. Smart Salary
    By another1 in forum Parents in the Armed Forces
    Replies: 6
    Last Post: 15-12-2011, 11:38

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
FEATURED SUPPORTER
Storksak‘A Place for Everything, and Everything in its Place’ - that is award winning Storksak’s formula for creating a ...
FORUMS - chatting now ...
how to keep it dryGeneral Parenting Tips, Advice & Chat
Tigger warning** advice sexual abuse from siblingGeneral Parenting Tips, Advice & Chat
Baby sleeping bagProduct Recommendations & Questions
House clothes/cleaning clothesGeneral Parenting Tips, Advice & Chat
Delightful DecemberConception & Fertility General Chat
REVIEWS
"Made bed time less anxious"
by Meld85
My Little Heart Whisbear - the Humming Bear reviews ›
"Wonderful natural Aussie made product!"
by Mrstwr
Baby U Goat Milk Moisturiser reviews ›
"Replaced good quality with cheap tight nappies"
by Kris
Coles Comfy Bots Nappies reviews ›