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EOFY Finalisation - Bonus

jennyhwang

Hi,

We created a Public Holiday Bonus pay item during this financial year. However, when we review the EOFY Finalisation, the bonus amount is not included in Gross Payments, nor is it reported under Bonuses and Commissions.

Could you please advise whether this is expected behaviour and if it is still okay to proceed with the EOFY finalisation, or whether there is an issue with the pay item configuration that needs to be corrected first?

Comments

Rav

Hi @jennyhwang

Welcome to the Reckon Community and thanks for providing that screenshot, it really helps 🙂

From the looks of your item in the image, the reason why any payments associated to that item aren't appearing in your EOFY is due to it being setup as a Tax Free item. When an item is set as tax free or tax applicable is not ticked then those items are not included in your STP submissions.

Unfortunately, I can't advise or provide any guidance on tax-related matters as that's more suited to your accountant/bookkeeper however, if that item is subject to STP reporting then you will need to create a new item with the appropriate tax code and update any pay runs that include it.

jennyhwang

Hi @Rav,

Thank you for your response.

We noticed that allowances configured as tax-free are still reported in the Allowances section of the EOFY Finalisation.

Does this mean that Bonuses and Commissions are treated differently, and that they will not appear in the EOFY Finalisation if the pay item is configured as tax-free?

Could you please confirm whether this is the expected behaviour?

Thank you.

Rav

As much as we'd like to, we can't advise on how to setup particular items, particularly when it comes to tax selections. Advice of this nature should come from a certified professional such as your accountant or even a Reckon Accredited Partner.

Please note this is not compliance advice. From a software feature perspective in Reckon One payroll;

If an allowance has the option, Tax applicable set to tax free then the value will not be reported to the ATO in STP submissions.
If Show as allowance for STP is unticked, the value is reported under Gross.

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