Tax payable on Redudancy.

[oldtimer]

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?

[Cottoneyes]

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