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Can I claim back tax on a retention bonus?

Posted 22 February 2016 under Tax Questions


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Percy says:
19 February 2016 at 11:25

I was paid a retention bonus and I'm leaving the employer before the retention period. This means I now need to pay back the bonus amount. The company is deducting the bonus from my salary and leave days payout. Can I claim back the tax for the retention bonus? How do I do this?

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TaxTimTaxTim says:
22 February 2016 at 10:05

Since your salary is going to be reduced for the retention payout, the tax will also decrease on your final payout from the company so it will off-set the tax you previously paid. In the event there is an overpayment of tax, you will be able to claim this back when you submit your tax return for the year.

Let TaxTim assist you to submit your Tax Return for the year to ensure you receive any refund that you may be due.


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