I left employment and was due Long Service Leave as a lump payout in one financial year, but was not paid to me (as a lump sum) until the next one (this one, as it happens)
It has not been reported in last years income statement to the ATO - can I add it in when I do my tax return for last year, or am I expected to pay tax on it for this financial year?
Your old employer likely aint even paid their PAYG tax bill yet, believe they still have time to report that, think Aug 31st for this quarter, depends on when they report it.
However, when you left their employment and they paid it out, it really should have been bundled up within your ETP. I'd be checking within your tax account under the Employment side and see if they reported it there as a separate payment. If so and it was reported there after July 1st, then it will be on your next tax return, more than likely if it isnt on your 2022/23 Employment Income Statement within your ATO account.
am I expected to pay tax on it for this financial year?
Yes - the year that the payment was made.
Haha,
Great.
I hope the government spends all that tax on something useful then.
Your old employer likely aint even paid their PAYG tax bill yet, believe they still have time to report that, think Aug 31st for this quarter, depends on when they report it.
However, when you left their employment and they paid it out, it really should have been bundled up within your ETP. I'd be checking within your tax account under the Employment side and see if they reported it there as a separate payment. If so and it was reported there after July 1st, then it will be on your next tax return, more than likely if it isnt on your 2022/23 Employment Income Statement within your ATO account.
Hello @JayMac,
I just want to add we have further information on our webpage which explains about lump sum payment in more detail.
Thanks for that. Seems pretty clear cut.
Certainly I've learned a valuable lesson, or an expensive one at least.
"Make sure you get paid before the end of the FY"
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