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You must provide your employee with one or more PAYG payment summary – employment termination payment (NAT 70868) within 14 days of making an ETP. The payment summary now includes an ETP code that you use to describe the type of payment and determines which cap, ETP cap or whole-of-income cap, is applied. Below is a table showing the type of ETPs and which code applies:
Life benefit ETP
ETP because of:
- early retirement scheme
- genuine redundancy
- invalidity or
- compensation for
- personal injury
- unfair dismissal
Other ETP not described by R, for example, golden handshake, gratuity, payment in lieu of notice, payment for unused sick leave, payment for unused rostered days off.
Payment summaries can also be printed using our approved software.
Last modified: 29 Oct 2013QC 34733