WebMay 22, 2015 · The ETP cap specifically applies to "excluded" ETPs, which include: early retirement scheme (over tax-free limit) genuine redundancy (over tax-free limit), and … An ETP can include: 1. payments for unused sick leave or unused rostered days off 2. payments in lieu of notice 3. a gratuity or 'golden handshake' 4. an employee's invalidity payment (for permanent disability, other than compensation for personal injury) 5. compensation for loss of job or wrongful … See more ETPs have up to 3 parts: 1. tax-free 2. concessionally taxed (generally taxed at a lower rate than your marginal tax rate) 3. taxed at your … See more Your employer may pay you other amounts that are not redundancy benefits or accrued leave. A common example is a payment for a non … See more If you receive an ETP, your employer will also pay out any unused annual or long service leave. Lump sum payments for unused annual leave … See more
Helping clients navigate a redundancy [CPD Quiz] Money & Life
WebApr 5, 2024 · The ETP cap is based on the amount of the ETP, and the ceiling value is indexed for inflation annually. The available Whole of Income cap is the determined by … WebYes, you can define as many types of absence as you require, and assign them to categories for ease of reporting. You can also define reasons for absence, to provide additional reporting information. For example, the category might be "family leave," the type might be "maternity," and the reason might be "birth." raonjena
Redundancy payments Australian Taxation Office
WebExample 4: ETP comprising ‘excluded’ and ‘non-excluded’ payments Going back to the Example 2 with Virgil (age 69), let’s assume the same facts except on top of the $130,000 excluded genuine redundancy payment, he also receives a $65,000 non-excluded termination payment (combined payment of $195,000). Web• it is not specifically excluded from being an ETP. ETPs usually enjoy concessional tax treatment and the applicable rates of tax depend on the: • age of the recipient • taxable … WebThe key difference between exempt and non-exempt employees is that non-exempt workers are entitled to certain protections under the Fair Labor Standards Act, a federal … raonjena coffee