There are four types of lump sum payments. The reason the categories exist is that the different lump sum payments types are all treated differently, in regards to income tax and superannuation. The four categories are:
Lump sum A - Long service or annual leave. There are two types of lump sun A Payments: R & T
The payments are a lump sum A type R if the payment was made for a genuine redundancy, invalidity or under an early retirement scheme.
If the payment is made for any other reason, it's a type T.
Lump sum B - Unused long service leave - accrued before 16 August 1978
Lump sum D - Tax free amount of a genuine redundancy or approved early retirement
Lump sum E - Lump sum payments in arrears or non-superannuation annuity payments
Feature Overview You can now view tenant balances directly from the Issue Tenant Tax Invoice Statement using the Procedures F11 operation for both residential and commercial tenants. How It Works A new column has been added to the tenant tax invoice ...
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New Payment Type Cents Per Kilometre You now have the ability to add a flat $ value amount in Step 5 (Wages) of processing payroll. Should you have any employees who you pay car usage on a Per Kilometre you now have the ability to enter a new Wage ...
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Payroll EOFY check list Super that is to be included for EOFY 2025 must be received by super fund before the 30th June 2025. Most super funds are requesting receipt by the 23rd June. If your employees receive fringe benefits (e.g. car parking). The ...