Bonuses minus tax/super contribution?? WTF

[Gucci2012]

WTF???? Having my bonus taxed was bad enough but now I find out they started taking out super contributions aswell from our bonuses...that sucks balls and not in a good way.. Any bro's have the same problem, I've been on a punting rampage spending up before I got my bonus but now it seems after all these deductions I might not have much of a bonus left...well not enough to reward my team with our yearly dinner and drinks I normally shout..

[Travelmate]

yes I know...
what can you do anything about it???

[AHLUNGOR]

WTF???? Having my bonus taxed was bad enough but now I find out they started taking out super contributions aswell from our bonuses...that sucks balls and not in a good way.. Any bro's have the same problem, I've been on a punting rampage spending up before I got my bonus but now it seems after all these deductions I might not have much of a bonus left...well not enough to reward my team with our yearly dinner and drinks I normally shout..

Find a good boss who will pay your bonus cash in hand !!

[AHLUNGOR]

Or take an all expenses paid family holiday as a business trip !!

:miao:

[BobPunter]

Yeah the problem tends to come about from the way the tax department messes with payments

Used to be, an employer could just say to the employee, here is your bonus, do what you want, remember to budget for your tax.

Nowadays an employer can be liable for not withholding the cash for the taxation portion so the ATO guidelines recommend withholding that tax.

Also super is SUPPOSED to be part of bonuses according to the ATO due to the fact it is treated as salary.

As an employer myself, I know my hands get tied when it comes to bonuses, so I adjust bonuses based on that fact before hand and increase the size of it.

[Gucci2012]

What ever happened to reckless abandonment by big business money used to flow like water. Normally I would be happy with what ever bonus I got, take the money and run but I put in a solid effort last financial year and practically creamed myself when I got the tap on my shoulder saying that this year I'd be getting the full 20% of my annual salary as bonus but now I'm privately sulking like s bitch at work. Anyway thanks for the advice big brothers.

[Gucci2012]

Or take an all expenses paid family holiday as a business trip !!

:miao:

Hmmmm no family in Australia, I do have a good boss...when he actually makes an appearance at work but the Tax man is to big of an opponent to take on alone and with out a strong backing.

[AHLUNGOR]

What ever happened to reckless abandonment by big business money used to flow like water. Normally I would be happy with what ever bonus I got, take the money and run but I put in a solid effort last financial year and practically creamed myself when I got the tap on my shoulder saying that this year I'd be getting the full 20% of my annual salary as bonus but now I'm privately sulking like s bitch at work. Anyway thanks for the advice big brothers.

Wow, 20% of your annual salary as a bonus!

That's awesome, if I was getting that much, I will probably still be just a 45 posts baby member if you know what I mean .................. LOL

Cheers

:cool2::fire:

[Gucci2012]

I wish this was Facebook then I could "Like" Brother Ahlungor's comment...

[Gucci2012]

I wish this was Facebook then I could "Like" Brother Ahlungor's comment...real life status means more to me than my online baby status...a lot of people know my real life status just ask your favourite WL they all know who Gucci is ahahaha the reason they work is to get a "Gucci" lol

[AHLUNGOR]

a lot of people know my real life status just ask your favourite WL they all know who Gucci is ahahaha the reason they work is to get a "Gucci" lol

Haha, When Gucci meets Prada !!

[Pleasedonot]

Same boat, been told we r getting full year bonus but based on the history, approx 35% will gone to ATO, get a dodgy accountant and claim as much as u can as ur own risk, i did it anyways, my leb accountant was awesome