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...
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.
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