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Redundancy payments Australian Taxation Office

Redundancy payments. A genuine redundancy payment is a payment made to you as an employee who is dismissed because the job you were doing has been abolished - that is your employer has made a decision that your job no longer exists and your employment is to be terminated.

Link: https://www.ato.gov.au/Individuals/Working/Working-as-an-employee/Leaving-your-job/Redundancy-payments/

Actived: Friday Jan 18, 2019 (3 days ago)

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Tax On Redundancy atotaxrates.info

Redundancy reduced tax on genuine loss-of-job payments. Within certain limits tax on loss-of-job payments is lower than the normal tax rates.

Link: https://atotaxrates.info/employment-termination-payments/tax-on-redundancy/

Actived: Thursday Jan 17, 2019 (4 days ago)

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Made Redundant ETP or Redundancy Payment for Tax Returns

The ATO says the payment must generally be received within 12 months of stopping work or else it is not treated as a redundancy payment. There are some exceptions to that and a tax agent can help sort them out.

Link: https://www.etax.com.au/made-redundant-etp/

Actived: Thursday Jan 17, 2019 (4 days ago)

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Answered Redundancy - ATO Community

Hi Yatin . The dismissal of an employee who has reached normal retirement age can t result in a genuine redundancy payment for anyone else who s come across this post - genuine redundancy payments are tax-free up to a certain limit generally relating to the length of service of the employee and any payments over the GR limit are

Link: https://community.ato.gov.au/t5/General-tax-questions/Redundancy/td-p/3653

Actived: Thursday Jan 10, 2019 (10 days ago)

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Answered Redundancy for over 65 s - ATO Community

There are age limits on what is considered to be genuine reduncy Age-based limits. 282. An employee receiving a genuine redundancy payment must at the time of dismissal be aged less than 65 or less than a younger age of compulsory retirement for the particular position in question.

Link: https://community.ato.gov.au/t5/General-tax-questions/Redundancy-for-over-65-s/td-p/4400

Actived: Wednesday Jan 16, 2019 (4 days ago)

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How are redundancy payments taxed - CommBank

The redundancy payments page on the ATO website can be a good starting point to find out how different components of your redundancy payment are likely to be taxed. Alternatively you may want to speak with a tax adviser about the tax treatment of a redundancy payment.

Link: https://www.commbank.com.au/guidance/consumer-finance/how-are-redundancy-payments-taxed--201606.html

Actived: Wednesday Jun 13, 2018 (7 months ago)

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Taxation of termination payments Australian Taxation Office

Taxation of termination payments This information explains how employers who are terminating an employee s employment calculate and report the tax on any termination payments. Employees can be paid several types of lump sums that are taxed and reported differently to normal income.

Link: https://www.ato.gov.au/Business/Your-workers/In-detail/Taxation-of-termination-payments/

Actived: Tuesday Jan 15, 2019 (6 days ago)

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New income tax ruling Genuine Redundancy Payments

Process for determining tax treatment of Genuine Redundancy Payments The ruling sets out the following steps that should be undertaken to determine the tax treatment of a Genuine Redundancy Payment Identify and exclude any amounts that are subject to a more specific tax treatment.

Link: https://www.cleardocs.com/clearlaw/tax/genuine-redundancy-payments.html

Actived: Thursday Jan 17, 2019 (3 days ago)

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P.A.C.T Notice redundancy calculator - Calculate

Notice and Redundancy Calculator To help you find the information you need we d like to know if you are an employee or an employer. This will help tailor the tool to use language relevant to you.

Link: https://calculate.fairwork.gov.au/EndingEmployment

Actived: Thursday Jan 17, 2019 (4 days ago)

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PAYG withholding on redundancy payments - Workplace Info

The ATO has provided new information on Pay As You Go PAYG withholding applying to payments to employees who are made redundant.

Link: https://workplaceinfo.com.au/termination/termination-payments/news/payg-withholding-on-redundancy-payments

Actived: Thursday Jan 17, 2019 (3 days ago)

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