I was overpaid during the 2009/10 financial year. What are the income tax implications if I repaid the overpayment in full before 30 June 2010?
There are no income tax implications if you were overpaid and you repaid the money in full before 30 June 2010. Your payment summary will be correct in relation to both the income received and the income tax that has been paid. top of page I was overpaid during the 2009/10 financial year. What are the income tax implications if I formally acknowledged the overpayment before 30 June 2010 and started repaying my overpayment but did not finish repaying it before 30 June 2010? If you formally acknowledged the overpayment before 30 June 2010, Queensland Health no longer classified the overpayment as earnings and it will not appear on your payment summary. Your payment summary will be correct in relation to both the income received and the income tax that has been paid. You then repay the outstanding amount to Queensland Health on a net basis (the net overpayment amount excluding the tax component). Queensland Health will seek the reimbursement of any tax paid on the overpayment directly fro
Related Questions
- If a speakers relationships with pharmaceutical and equipment companies change during the course of the year, must she complete another financial disclosure form?
- I was overpaid during the 2009/10 financial year. What are the income tax implications if I did not formally acknowledged the overpayment by 30 June 2010?
- I was underpaid during the 2009/10 financial year. What are the income tax implications if I did not receive my backpay before 30 June 2010?
