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  1. #1
    Join Date
    Oct 2013
    Posts
    1

    Default Tax payable on Redudancy.

    I am over 65 and still working full time.
    There is a possibility that I will be made redundant in the near future.
    I am aware that I am liable for full tax on any unused annual leave and long service.
    However, what tax will I have to pay on my redundancy pay, since I am over 65?
    Is there any tax free amount?

  2. #2
    Join Date
    May 2010
    Location
    Melbourne
    Posts
    151

    Default

    Bad news - no tax free amount as ATO states no redundancy provisions for employees over 65

    Good news, it becomes and ETP which at your age is taxed at 16.5% instead of 31.5% (up to the ETP limits). Will take forever to explain the ETP limits, however unless you are in a very senior position or getting a very large payout (ie over $120K) you won't need to worry about them

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