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INCOME IN ARREARS
REBATE TAX OFFSET
30 June 2024
The following income is eligible for the rebate:
1. Salary and wages paid were accrued during a period ending more than 12 months before the date on
which they were paid.
2. Salary and wages paid to a person after reinstatement to duty following a period of suspension to the
extent to which the salary or wage accrued during the period of suspension.
3. Some superannuation income streams or annuities paid to an individual.
4. Some Income by way of compensation or sickness or accident pay in respect of incapacity for work.
5. Some other Commonwealth benefits, pensions, allowances or training payments.
Rebate Tax Offset Calculation:
The amount of the eligible lump sum which accrued before the year of receipt must not be less than 10% of the taxable income of the year of receipt after deducting the amount of the eligible lump sum that accrued in earlier years, abnormal income, net capital gains, ETP's and lump sum payments on termination of employment in lieu of annual leave or long service leave.
We have clients from the following locations:
Brisbane, Gold Coast, Sydney, Newcastle, Sunshine Coast, Cairns, Canberra,
Melbourne, Adelaide, Perth, Darwin.
Brisbane, Albion, New Farm, Teneriffe, Newstead, Windsor,
Wilston, Bowen Hills, Wooloowin, Herston, Lutwyche, Hamilton, Eagle
Farm, Gordon Park, Fortitude Valley, Clayfield, Ascot, Hendra.
Morayfield, Burpengary, Caboolture, Bellmere, Wamuran, Narangba,
North Lakes, Mango Hill, Kallangur, Dakabin, Deception Bay, Bribie
Island, Elimbah, Kippa-Ring.
Disclaimer
The information provided in the above documents is not intended to
be, nor should it be construed as tax advice. Any specific
recommendation for a client can only be done after their individual
circumstances have been determined by David Douglas Accountants.
We do tax returns for individuals, trusts, companies, partnerships, contractors, ABNs and sole traders.
Liability limited by a scheme approved under Professional Standards legislation