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A late termination payment is a lump sum payment, similar to employment termination payments (ETPs) referred to in question 4, which you received more than 12 months after the time you retired or ceased employment.
A late termination payment is treated as an ETP where:
- legal action about your entitlement to the ETP or about the amount of the ETP was commenced within 12 months of the termination of your employment, or
- the payment was made by a person who was appointed within 12 months of your employment termination as a liquidator, receiver or trustee in bankruptcy for the employer.
If these conditions are not met, and you received the payment more than 12 months after termination of your employment, then you must show the amount of the payment at item 1 on your tax return.