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Can old tax benefits be captured on a new tax year after retirement ?

Posted 5 March 2013 under Tax Questions



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An employee leaves his/her employment from the first of March 2013, his /her last working day is 28.02.2013. Now he/she needs to be paid all the benefits being accumulated leave and other benefits. Is it not appropriate to capture them on the new tax financial year? (2014)

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TaxTimTaxTim says:
10 March 2013 at 21:19

The income was earned in February 2013 so the income accrued in that tax period and therefore needs to be accounted for in the 2013 year regardless of the cash payout timing.


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