Backpay

Kris_Williams
Kris_Williams Member Posts: 3,555 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
edited September 2023 in Accounts Hosted

$4000 backpay that spans quite a few years, what code would this be - just Salaries and Wages?

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,693 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    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

    shaz@accounted4.com.au

    https://accounted4.com.au

    (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!)
  • Kris_Williams
    Kris_Williams Member Posts: 3,555 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited September 2023

    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

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,693 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    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

    shaz@accounted4.com.au

    https://accounted4.com.au

    (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!)
  • Kris_Williams
    Kris_Williams Member Posts: 3,555 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    Ok thank you Shaz…….