Time your long service leave claim for end of financial year

 

Time your long service leave claim for end of financial year

Thinking about making a long service leave claim? The end of the financial year is just around the corner, which means timing your claim could make a difference to your tax. Whether you want your leave payment before or after 30 June, here’s what you need to know. 

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Why timing matters

Long service leave payments are taxable income. The financial year in which your claim is processed is the year that payment will be included in your assessable income, so consider which financial year works better for you before you submit.

How this affects your tax depends on your personal circumstances. If you’re unsure, speak with a tax professional or visit ato.gov.au before you claim.

If you want payment before 30 June

Submit your claim as early as possible. June is one of our busiest periods. While we’ll do our best to process every claim before the end of the financial year, the earlier you submit, the better your chances of getting it across the line in time.

If you want payment in the new financial year

Simply wait and submit your claim after 1 July. This guarantees your claim will be processed in the new financial year, which may suit your tax situation better.

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Before you claim

Before you start your claim, check your eligibility and gather key documents so the process is as smooth as possible. 

Check your eligibility

You need at least seven years of continuous service in the construction industry to claim long service leave. You can check your eligibility anytime in the LeavePlus portal.

Before you start, have these ready:

• Recent payslips: We usually calculate your rate of pay based on an average of the ordinary pay reported to us by your employer(s), but we may need your payslips to confirm your ordinary wages. 
• Bank account details: You’ll need your BSB and account number. Double-check them, as incorrect details will delay your payment. 
• Tax file number (optional): If you don’t provide your TFN, we’re required to withhold tax and the Medicare levy at the top marginal rate.  

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How to claim

You can submit your claim online through the LeavePlus portal. The process is straightforward and takes most members around 10 minutes to complete. 

When you’re ready: 

1. Log in to the LeavePlus portal 
2. Select Submit a claim 
3. Fill in the form, including how much leave you want to be paid for (the minimum is one week / five days, unless you’re leaving the industry), your bank account details, and your tax-free threshold election 
4. Upload your payslips (if requested) 
5. Submit and wait for your confirmation email 

How long will it take?

Once your claim is submitted, processing times vary depending on how busy we are and whether we need any additional information from you.

• Standard claims: 1–4 business days 
• Peak periods or complex claims: Up to 15 business days or more 

If you have any questions, feel free to reach out at claims@leaveplus.com.au 

 

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