How to calculate STSL component on schedule 5? If we have pay items such as wages , performance bonuses ?
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Hey @Ann4,
The method you used (method A or B), to work out the tax for an employee's bonus, is the same method you'd use to work out the amount to withhold to cover STSL.
You'd refer to the STSL tax tables in your calculations. I've linked the weekly one for you but if the pay period is different such as fortnightly then you'd use the fortnightly one.
You can also use schedule 8 instead of repeating the calculation separately.
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Hey @Ann4,
The method you used (method A or B), to work out the tax for an employee's bonus, is the same method you'd use to work out the amount to withhold to cover STSL.
You'd refer to the STSL tax tables in your calculations. I've linked the weekly one for you but if the pay period is different such as fortnightly then you'd use the fortnightly one.
You can also use schedule 8 instead of repeating the calculation separately.
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