Income Tax Assessment Act 1997
If you receive a life benefit termination payment, part of the payment may be tax free (the tax free component).
You are entitled to a tax offset on the remaining part of the payment (the taxable component), subject to limitations.
The extent of your entitlement to the offset depends on your age in the year you receive the offset, on the total amount of payments you receive in the same year, and on the total amount of payments you receive in consequence of the same employment termination.
|82-10||Taxation of life benefit termination payments|