Allowance Description
Compensation for loss of personal effects If in the course of employment an employee should sustain damage to or loss of their personal effects by fire,explosion,foundering,shipwreck,collision,stranding or accident and where such damage was not caused by the employee’s own wilful neglect or fault or where such articles are lost through breaking or entering whilst securely stored at the employer’s direction in a room or building on the employer’s premises,vessel or work shop,the employer will compensate the employee to the extent of the damage or loss to a maximum of $1,979
What to pay
compensation for the damage or loss up to a maximum of $1,979
Notes
This is a type of expense allowance where we would expect the employee to claim a deduction for this in their tax return
Should you withhold tax?
Do not withhold from this allowancd
Should super be paid on this allowance?
This allowance should not form part of ordinary times earnings
Should payroll tax be paid on this allowance?
Include this allowance for payroll tax purposes
How is it treated on the payment summary?
Show the allowance separately in the allowance box
How should it be reported for Single Touch Payroll?
Other PAYEVNTEMP8