I actually got X amount of money from my company paid to my bank account but my income statement for tax return is showing less than X amount, does it mean my boss is losing money, as in my boss paid more money to me and reported less to ATO to deduct the company expenses? Would ATO care in this case?
Income Statement Is Showing Less than What I Got
justwii on 09/08/2021 - 19:49
Comments
Its the gross on the payment summary for the last FY that I am looking at.
The total money I got in bank account in the last FY > (the gross on the payment summary - total tax withheld)
Did you get paid for some expenses?
salary sacrifice?
Nothing special, just basic salary.
Does that mean my company is footing the tax for me in this situation?
Unless it's half the amount or similar and therefore likely to be corrected just go with it. That document 8s all the proof the ATO needs.
ATO will find the money, they spy on each and every salary transaction, you are best to report your true employment earnings, So you do not face any future penalties
Check that it's not from your previous FY.
Depending on the payment cycle and the time it takes for the funds to clear, it may have carried over from your previous FY.Could be expense, a bonus intended to have been paid from another recording period, a lot of different things.
As others have mentioned, just check you're not mixing up your gross with a net. (pre and post-tax values).
Can always just check with your payroll team…
Ask your employer or roll with what they reported.
Are you sure you are comparing Net or Gross income ?
Net would would be less than Gross, after taxes.
Probably.
Also which FY are you looking at on your statement for tax return vs incomes/payslip? Are they the same?