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INCOME IN ARREARS

REBATE TAX OFFSET

30 June 2021

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.



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 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.

We do tax returns for individuals, trusts, companies, partnerships, contractors, ABNs and sole traders.

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