thread: Taxable income - is it earnings to EOFY or payments til EOFY

  1. #1
    Registered User
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    Jan 2005
    cowtown
    8,276

    Question Taxable income - is it earnings to EOFY or payments til EOFY

    Im trying to figure out DHs income for the financial year.
    He only started this job in March so i cant go off last year.

    He is paid two week pay, fortnightly, 3 weeks in arrears if that makes sense?

    So he was paid on Thursday 15th April, for hours worked 26-March til 8 April. His pay is always 1 week behind his hours worked.

    Im trying to work out how this will reflect on his group cert so I can update our income estimate (again)

    Will his earnings for the financial year be based on what he has actaully been paid for (which at Ist July will be only up until 17 June)? They cant include hours worked til June 30 if he hasnt been paid fro them, can they? As the tax wont have been paid yet...

  2. #2
    Registered User

    Dec 2008
    8,986

    Yeah it would include all payments up until the 30 June. He prob won't get his group cert until after he's been paid for those hours.

  3. #3
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    Jan 2005
    cowtown
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    Re: Taxable income - is it earnings to EOFY or payments til EOFY

    Hmm. I didn't think they could.. I will have to ring the ato

    ETA: their website says it includes all payments received inthe financial year..thats just confusing it even more.

    I rang and their current hold time is estimated at 15 minutes, might have to ring back later
    Last edited by Pandora; April 19th, 2010 at 10:44 AM.

  4. #4
    Registered User

    Aug 2008
    Ouiinslano
    5,303

    Yeah, payments up until 30 June. So any pay that goes into his bank up til EOFY. Anything he earns on, say, 28-30 June, but doesn't get paid until 3rd July, counts as the following FY.

    We worked it out last year because I tried to get work to pay me a big back pay bundle int he new financial year, but they were too quick. In the end it didn't matter.

    Hope it makes sense to you.

  5. #5
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    cowtown
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    Thanks, yeh thats what Im trying to clarify.
    His pay from 18th -30th June wont get paid until the 2nd July.