Backpay
$4000 backpay that spans quite a few years, what code would this be - just Salaries and Wages?
Comments
-
Hi Kris
This is taxed differently so requires a new “Backpay” Payroll Item, mapped to Lump Sum E ☺️
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
0 -
If this is going to be the only income for the year she will be well and truly under the tax free threshold though. She’s a uni student and doesn’t work anywhere else
0 -
The tax on it isn’t related to the tax-free threshold - It’s treated differently because it spans/applies to other FYs & offsets usually apply. If it’s not categorised correctly, these won’t generate 😬
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
0 -
Ok thank you Shaz…….
1
Categories
- All Categories
- 6.6K Accounts Hosted
- 16 📢 Reckon Accounts Hosted - Announcements
- 6K Reckon Accounts (Desktop)
- 5 📢 Reckon Accounts Desktop - Announcements
- 1.4K Reckon Payroll 🚀
- 31 📢 Reckon Payroll - Announcements
- 21 Reckon Payroll Help Videos 🎥
- 24 Reckon Mate App
- 2.6K Reckon One
- 8 📢 Reckon One - Announcements
- 12 Reckon Invoices App
- 15 Reckon Insights
- 99 Reckon API
- 308 Point of Sale
- 1.9K Personal Plus and Home & Business
- 66 About Reckon Community