Income tax: is a redundancy payment from a redundancy trust, established based on the Building Industry Agreement of 1 October 1987, considered to be a bona fide redundancy payment under section 27F of the Income Tax Assessment Act 1936 ?
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FOI status:may be releasedFOI number: I 1213987
|This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953 , is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. However, this Determination does not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to before the date of issue of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20).|
- it is not paid to the recipient for being made bona fide redundant, or
- in the case that it is paid for being made bona fide redundant, the payment does not exceed the amount of an eligible termination payment that could reasonably be expected to have been made, if the recipient voluntarily retired from employment at the time of termination.
Commissioner of Taxation
bona fide redundancy payment;
eligible termination payment;