Employment income

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March 7, 2016 at 9:32 pm #304239
salluk
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- Topics: 31
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all directors and employees are assessed on the amount of earnings received in the tax year (receipt basis). I got bit confused.
if employee is given bonus for march 2015 in june 2015 then it is not included in computation ?
if employee given bonus for march 2014 in june 2014,then does it include?
if employee is entitled bonus for march 2014 and actual payment made in june 14, wht will be the case?
March 8, 2016 at 10:21 am #304316
Tax Tutor
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You use the earlier of the date actually received or the date the taxpayer became entitled to the payment. In your last example therefore that was March 2014 and therefore the bonus should have been included in the 2013/14 assessment
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