Backpay
$4000 backpay that spans quite a few years, what code would this be - just Salaries and Wages?
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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!)
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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
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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!)
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Ok thank you Shaz…….
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