INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-40 - RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS  

Division 82 - Employment termination payments  

Subdivision 82-C - Key concepts  

Guide to Subdivision 82-C

SECTION 82-125   What this Subdivision is about  


This Subdivision defines an employment termination payment as a payment made in consequence of the termination of a person ' s employment that is received no later than 12 months after the termination (though the 12 month restriction is relaxed in some circumstances).

An employment termination payment can be a life benefit termination payment (received by the person whose employment is terminated) or a death benefit termination payment (received by another person after the death of a person whose employment is terminated).

Certain types of payments are declared not to be employment termination payments.

Various other terms used in describing the taxation treatment of employment termination payments are defined in the Subdivision.


TABLE OF SECTIONS
Operative provisions
82-130 What is an employment termination payment ?
82-135 Payments that are not employment termination payments
82-140 Tax free component of an employment termination payment
82-145 Taxable component of an employment termination payment
82-150 What is an invalidity segment of an employment termination payment?
82-155 What is a pre-July 83 segment of an employment termination payment?
82-160 What is the ETP cap amount ?


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