Income Tax Assessment Act 1997
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-40
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RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS
Division 82
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Employment termination payments
Subdivision 82-A
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Employment termination payments: life benefits
Guide to Subdivision 82-A
SECTION 82-5 82-5 What this Subdivision is about
View history note
Hide history noteSECTION 82-5 82-5 What this Subdivision is about
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.
| Operative provisions | |
| 82-10 | Taxation of life benefit termination payments |
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