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DH is leaving his job and we will be getting a nice chunk of long service leave :dance:
Does that affect his taxable income as it's a lump sum payment?
Do I have to tell the FAO about it or will they just find out at tax return time?
Part of me thinks that it will be fine but the little voice in my head that frets won't shut up about it ;)
yup you gotta tell them hun - if it's taxable, it's income, and if you dont you'll get a nasty FAO debt
they will reduce your FTBA until end of financial year based on the extra income too - even if he won't get the pay out for a while, you need to tell them ASAP so the impact of the payment depletion can be spread out
pm me if you want more info
BG
You need to change your income estimate with the FAO/Centrelink because if you wait until tax time for them to find out you will receive a not so nice letter in the mail from Centrelink with a bill that you only get 28 days to pay unless you arrange to pay it back in installments. If they over pay you on FTB A & B then you'll get a bill & have to pay back the money.
Hi, I got a lump sum long service payment once. It will be on his group certificate listed under a different section. Tax does apply but depends upon the type of payment, mine was non voluntary - ie my boss sold the business, so I didn't pay much tax on it at all as far as I recall.
it's more about how much is taxable, not the level of tax you pay on it, for ftb purposes...:
