AU: How to setup Bonus for tax calculation as per ATO guidelines
(Doc ID 2406340.1)
Last updated on JUNE 06, 2018
Applies to:Oracle HRMS (Australia) - Version 12.1 HRMS RUP8 and later
Information in this document applies to any platform.
As per ATO 'If a commission, bonus or similar payment relates to work your employee performed for more than one pay period (or for an undefined period), you calculate withholding by applying either Method A or Method B(ii)'
As per the current calculation the Bonus elements are taxed by adding the amount to all their other earnings for the current period. Withholding is then calculated using the standard PAYG withholding tax tables. Will there be Bonus calculation options provided as per suggestion from ATO?
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