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2024年7月31日 · Lump sum e. As a result of a workers comp back pay I have received a years worth of income for 22-23 tax year (but received in the 23-24 period) . This lump sum has already been taxed. When the backpay is added to the 23-24 tax year, the Tax estimate in 'mytax' is over $20k having to pay the ATO. When I lodge my return is this the amount that I ...
2024年7月29日 · Lump Sum E. Save this post. r_shi(Newbie)Newbie. 29 July 2024. I received back pay of 9k this FY employer categorie it as Lump Sum E. In that 9k, 5K is from FY 22 and remaining 4k is from FY 23. So when I do my tax returns from mygov and lump sum E. Will it effect my tax returns from FY 22 since I received additional 5k which I was supposed to ...
2024年7月7日 · All replies. Most helpful reply. Matt_ATO(Community Support)Community Support. 12 July 2024. Howdy @laura23, Yes, we would have been supplied all the info. You won't need to amend your returns as you include the lump sum payment in the year that recieved it. Check to see if you are eligible for the lump sum of payment in arrears offset.
2024年9月19日 · Deb_ATO (Community Support) Community Support. 23 Sept 2024. Hi @adminTaccount. Yep. That's correct. The offset is only eligible to the salary and wages accrued during the period earlier than 12 months before the payment. If they're eligible and there's amount in the lump sum E section, we'll automatically work it out.
2023年7月15日 · To qualify for a lump sum tax offset, your lump sum payment in arrears must be either: - salary or wages (accrued during the period earlier than 12 months before payment) - a government education or training payment. - salary or wages paid to a person after reinstatement to duty following suspension.
2024年9月11日 · There’s two ways to pay off your HECS-HELP debt: Compulsory repayments, as the name suggests, are compulsory. Once you’re earning above the thresholdthis opens in a new window, a lump sum compulsory payment will be applied to your loan account after you lodge your tax return. To help you avoid a bill at tax time, you need to let your ...
2024年7月1日 · Lump sum payments for years prior to 2024 will go in label E. You'll also need to fill out the info in section 24. If you've received a lump sum payment, it's going to boost your taxable income up. This will have you paying a higher-than-normal compulsory repayment for your HECS.
2023年6月9日 · All replies. Hi @christinewh, You'll need to include the lump sum at Lump Sum E on your tax return. Your income should all be pre-filled on myTax, but just make sure that the lump sum has been reported correctly - you can edit this if you need to. You may also be able to claim a lump sum in arrears tax offset.
2024年2月6日 · When I process the back pay into the Payroll software do I allocate the back pay to the appropriate financial year for example: Lump Sum E 2021 $700. Lump Sum E 2022 $500. Lump Sum E 2023 $600. I guess I just want to double check that I have to enter in the Lump Sum E payments numerous times to represent the correct amount for each Financial year.
2023年10月6日 · Ethan. Hiya @EPGroves 👋. For a normal termination, like resignation, for unused leave accrued post-93, it is not Lump Sum A, it's marginally taxed and reported as Paid Leave type U (unused leave on termination). Marginal tax means the amount is spread over the financial year and added to your normal taxable gross and calculating what ...
