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reconciliation Income from last financial year

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Newbie

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Hello,
I received the reconciliation payment from my company this financier year, but those payment were for last financial year.
Is there anyway to tax those separate? Because it make my this year income higher than before and has been tax more than it should be.
Thank you very much
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Anonymous

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Hi @Ting0220 

 

If your an employee then unfortunately the payment you received must be shown in the financial year that it was received even if the work was done in another income year.  This means you can not apportion the income received between two different financial years and it will be part of your assessable income in the financial year it was received.

 

https://www.ato.gov.au/Individuals/Income-and-deductions/Income-you-must-declare/

 

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Anonymous

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Hi @Ting0220 

 

If your an employee then unfortunately the payment you received must be shown in the financial year that it was received even if the work was done in another income year.  This means you can not apportion the income received between two different financial years and it will be part of your assessable income in the financial year it was received.

 

https://www.ato.gov.au/Individuals/Income-and-deductions/Income-you-must-declare/