I need to pay a bonus for the July to Sept qtr 2017 of $15,000.00.
The employee has been paid $34,000 through wages and i need to work out how to tax the bonus. I have looked at the ATO site but it is not very clear.
Do i add the $15000.00 to the $34000.00 = $49000.00 then work out the weekly tax on $49k over the 32 weeks that have passed? and use the differance between the two.
Is there a better formula to use as i dont want the employee to be taxed at the end of the year.