There are essentially two models used in some of the companies that I have worked for.

If you really think you have good employees and are not keen on deducting salaries, you could offer flexible working hours where they come in between 7.30 and 8.30 and leave correspondingly after putting in the required number of hours. One of my previous companies also facilitated making up for any lost time by clocking in the required number of hours for the week.

Second, another company had a tolerance of 15minutes for late comers. Beyond that time, they were deemed to be on a half-day casual leave with a corresponding salary deduction.