TAX
Unexpected lump sum payment in arrears? There’s a tax offset for that!
A lump sum payment in arrears is a payment you may receive that relates to earlier income years. The general rule is that employment income is assessable in the income year it is received, regardless of the period the payment covers.
What Is a Recipient Created Tax Invoice?
Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.
A Run-Down of the New Loss Carry Back Measure
The last Federal Budget carried with it a number of tax changes （such as loss carry back rules） that were designed to assist the Australian economy recover from the impact of the COVID-19 pandemic.
