Learn Small Business Accounting in 7 Days by Rod Caldwell

Author:Rod Caldwell [Caldwell, Rod]
Language: eng
Format: epub
Publisher: Wiley
Published: 2011-05-31T23:00:00+00:00

Annual leave

Employment conditions are governed by a combination of industrial awards, enterprise agreements or individual contracts. All full-time employees in Australia are entitled to a minimum of four weeks (20 working days) annual leave per year. This gives rise to an absolute obligation of accrued annual leave at year’s end, although it is not a tax deduction until it is paid.

At year’s end calculate the annual leave accrued entitlements for all your employees and cost it at their pay rate as at year’s end. Let us assume that this figure is $5567. You then adjust your annual leave expense for this provision:

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