This cheat sheet teaches you:
- Why employee bonuses are a useful end of financial year (EOFY) tax tool;
- How to structure the bonuses so that your employees are taxed less upon receiving; and
- How to schedule bonuses for the next financial year, getting the tax benefits now.
Employee bonuses let you reward effort beyond a regular salary, boosting employee morale.
Come EOFY they can also be a useful way of reducing your tax, even if you’re booking in the bonus to be paid after the June 30 deadline.
Here, SmartCompany Plus explains you how to structure bonuses to benefit both your business and your employees’ take-home figure.