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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2021/22 Tax and Payroll Dealing with termination payments
In this chapter of the seminar notes we offer a detailed discussion of termination payments under the following broad headings:
· Dealing with Employment Termination Payments
· Summary Checklist – Employer obligations when making a Life Benefit ETP
· The $180,000 whole-of-income cap
· Genuine Redundancy and approved Early Retirement Scheme Payments
· Detailed look at unused annual and long service leave
· Making non-cash termination payments
· Salary sacrifice amounts and termination payments
· Dealing with the death of an employee