Am I eligible for a Payment in Arrears Tax Offest?
According to tax legislation, your back payment otherwise known as a lump sum E or lump sum payment in arrears must be included in the financial year it was paid. Due to the payment being applicable to previous years’ income you may be eligible for a lump sum tax offset to ensure you are not adversely affected through payments of tax.
The lump sum payment in arrears tax offset is not available where the payment is less than 10% of your normal taxable income excluding the lump sum payment.
Enter your Lump Sum payment and your annual salary below to find out if you’re eligible for a Payment in Arrears Tax Offset
Payments relating to previous financial years is called a Lump Sum E payment on your payslip or end of year Income Statement.
AR Backpay on your payslip is treated as ordinary wages for the current year and will be added to Gross payments – individual amount on your end of year Income Statement.
Your Interest Payment from your employer must be included in Item 10L on your Income Tax Return. This amount is not included in your end of year Income statement and must be added manually to your end of year Income Tax Return.
What We Offer
What’s it all about?
YOUtax is an independent company engaged by G8 Education to support YOU.
That’s why we’ve put together this educational webinar to inform you about the potential tax implications and opportunities resulting from your Remediation Payment, depending on your personal circumstances. Register now for On Demand access!
Meet & Greet
Let’s get to know you! We have designed these meet and greet questions to understand you and your needs. This forms allows us to securely gather your personal information and ask some relevant yes/no questions.
Please complete the form in one sitting as your data is not stored until the form is submitted. Rather chat in person? Please contact our hotline and our team will personally ask the relevant questions. Estimated time to complete is 3-5 mins.
The Compliance Stuff
The plain English version… we are required to send you a proposal otherwise known as a letter of engagement before we provide you with taxation services. This proposal will outline the service/s we are going to provide you. Team members who have received a back payment can access the YOUtax (a provider engaged by G8 Education) customer support hub and a complimentary tax plan and one meeting with a YOUtax adviser. Other taxation services outside of the G8 Education Tax Planning service will be at your expense.
Don’t forget to read the T & C’s which is always riveting and in the legal jargon version. Please note our privacy rules inhibit us from informing G8 Education of the services you accept and any personal or financial details can not be disclosed to G8 Education. We use third party services to collect your information e.g. the meet and greet form. They use pseudonymisation and encryption of personal data where applicable. Expect your proposal in 1-2 business days via email. You will need to accept our services before we proceed. Phew, the boring bit is over…
Task time 30s to accept. T & C’s 5mins.
Based on your answers in our meet and greet, a checklist will be design for you so we can collect the information required to create your personalised tax plan.
This will be emailed with upload instructions. Not tech savvy? Do not fret….we have made it super easy for you! Remember our team are here to help every step of the way.
Let us do our bit! Your YOUtax agent will begin assessing your information to project you or your families income to the EOFY and calculate your tax position. A compliance review will be undertaken and tax minimising options will be researched for your personal circumstance. This will ensure there are no surprises at tax time giving you time to act.
This may take up to 5-10 working days from when your information is received.
YOUtax Wealth Hub
As an honorary YOUtaxer you receive the same super cool features and benefits as our YOUtax clients, including free access to our YOUtax Wealth Hub.
The YOUtax Wealth Hub is the latest innovation in financial technology. Every YOUtaxer has access to their very own digital tax filing cabinet. Storing receipts and documents securely in the cloud has never been simpler.
Receive a free one-off valuation of your home and car and make tax time a breeze with the mytax assist tool.
Once you’ve signed up and received notice that your tax plan is ready, you can use this calendar to schedule a convenient time for your tax plan presentation.
This presentation can happen over the phone or via video chat. If you choose phone call, your YOUtax advisor will email your tax plan document prior to the meeting and phone at the scheduled time to talk you through it. If you select video chat, you will receive a meeting link via email and your YOUtax advisor will connect with you at the scheduled time to present your tax plan via screen share.
During the presentation your YOUtax advisor will explain your tax position and provide advice relating to any available tax minimisation strategies available before the EOFY ticks over. There will also be time for you to ask your tax advisor any pressing tax questions you may have.
Ready to sign up for your tax plan?
Have a question that’s not answered here?
Visit our Frequently Asked Questions page to see if your question is answered there. If not, please feel free to send us an email to enquire.