I commenced a deferred salary scheme through my employer on 1/7/2024.
The scheme put aside 20% of my salary for two years, after which time I had planned to take six months paid vacation at 80% salary.
Due to a change in circumstances I cancelled the scheme in January 2026 (six months earlier than planned) and received a lump sum payout of the income accrued, for which I have paid tax in the current financial year.
The lump sum payout contains deferred income from the previous financial year in addition to the current financial year, and I believe that I am required to make an amendment to my tax return for the previous year.
My question is:
If I lodge an income tax adjustment for the previous year to include the correct proportion of this lump sum payment, how do I also report that this has occurred and adjust my income for the current financial year (to include the correct proportion of the lump sum payment, instead of the total)?
Thank you.
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