Director Bonuses

It’s not an uncommon strategy for companies to resolve to pay director fees or director/employee bonuses in the current financial year but not physically pay them until the following financial year.

The aim of this is a degree of tax deferral, whereby a company commits itself to pay director fees or bonuses in the current financial year and accordingly claims a tax deduction.

However, it does not pay the amount in that year but the following year. A deduction is claimed, but the company incurs no expense.

What of the ATO’s position? To claim a deduction in the current 2022/23 financial year, there must be a definite liability to pay the amount in question, which must arise on or before 30 June.

This can be achieved by the company passing a properly authorised resolution by this date.

Those amounts must be paid in the following months and at least by the end of the following year.

When those amounts are paid, the standard PAYG rules must be complied with for a deduction to be claimed.

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