• Tax-free part of genuine redundancy and early retirement scheme payments

    This table shows the limit set for genuine redundancy and early retirement scheme payments from 1 July 2007 onwards.

    See also:

    Table 19: Genuine redundancy and early retirement scheme payment limits

    Income year

    Base limit

    For each complete year of service

    2017-18

    $10,155

    $5,078

    2016–17

    $9,936

    $4,969

    2015–16

    $9,780

    $4,891

    2014–15

    $9,514

    $4,758

    2013–14

    $9,246

    $4,624

    2012–13

    $8,806

    $4,404

    2011–12

    $8,435

    $4,218

    2010–11

    $8,126

    $4,064

    2009–10

    $7,732

    $3,867

    2008–09

    $7,350

    $3,676

    2007–08

    $7,020

    $3,511

    The base limit and service amount is indexed in line with average weekly ordinary time earnings (AWOTE) each income year. The new indexed amount is generally available each February.

    Note: A temporary 2% levy applies for the 2014-15, 2015-16 and 2016-17 income years to individuals with a taxable income of more than $180,000 per year. The levy is payable at a rate of 2% of each dollar of a taxpayer’s taxable income over $180,000. This will cease to apply from 1 July 2017.

    Last modified: 28 Jun 2017QC 18123