Document ID: chunk:federal_register_of_legislation:F2024L00664:clause:5_12:p4
Version: federal_register_of_legislation:F2024L00664
Segment Type: clause
Provision Reference: sch 5 cl 12 (pt 4/5)
Character Range: 120745–123622

the section above in this schedule 'Other payments you should use this schedule for'.

For each payment accrued in a prior financial year of less than $1,200, include the total:
    * gross amount of the payment at 'Gross payments'
    * amount withheld at 'Total tax withheld'.

For each payment accrued in a prior financial year of $1,200 or more, include the total:
    * gross amount of the payment at 'Lump sum E'
    * amount withheld at 'Total tax withheld'.

Employee letter

You must also provide your employee with a letter specifying:
    * the financial years over which the amount accrued, and
    * the gross amount that accrued each financial year.

Completing the superannuation income stream payment summary

For payments accrued in the current financial year, include:
    * the component amounts at both:

-          'Taxable component' (both taxed and untaxed elements if applicable)
-          'Tax-free component'
    * the amount withheld at 'Total tax withheld'.

For payments accrued prior to the current financial year, include:
    * the component amounts at both:

-          'Lump sum in arrears – taxable component' (both taxed and untaxed elements if applicable)
-          'Lump sum in arrears – tax-free component'
    * the amount withheld at 'Total tax withheld'.

Payee letter

You must also provide your payee with a letter specifying:
    * the financial years over which the amount accrued, and
    * the gross amount that accrued each financial year.

Completing the foreign employment payment summary

Note: For the foreign employment payment summary, the gross payments amount is assessable foreign employment income, which includes total allowances.

For salary and wage payments accrued in the current financial year, include the total:
    * gross amount of all payments at 'Gross payments'
    * amount withheld and paid to a foreign tax jurisdiction (if applicable) at 'Foreign tax paid'
    * amount withheld for Australian tax purposes at 'Total Australian tax withheld'.

For each salary and wage payment accrued in a prior financial year, but not more than 12 months before the date of payment, include the total:
    * gross amount of the payment at 'Gross payments'
    * amount withheld and paid to a foreign tax jurisdiction (if applicable) at 'Foreign tax paid'
    * amount withheld for Australian tax purposes at 'Total Australian tax withheld'.

For each salary and wage payment accrued more than 12 months before the date of payment of less than $1,200, include the total:
    * gross amount of the payment at 'Gross payments'
    * amount withheld and paid to a foreign tax jurisdiction (if applicable) at 'Foreign tax paid'
    * amount withheld for Australian tax purposes at 'Total Australian tax withheld'.

For each salary and wage payment accrued more than 12 months before the date of payment of $1,200 or