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 83 - Other payments on termination of employment  

Subdivision 83-C - Genuine redundancy payments and early retirement scheme payments  

Guide to Subdivision 83-C

SECTION 83-165   What this Subdivision is about  


This Subdivision defines what are genuine redundancy payments and early retirement scheme payments.

If you receive a genuine redundancy payment or an early retirement scheme payment, you do not have to pay income tax on the payment so far as it does not exceed a certain amount worked out under this Subdivision.

A part of a genuine redundancy payment or an early retirement scheme payment that is not tax free under this Subdivision will normally be an employment termination payment.


TABLE OF SECTIONS
Operative provisions
83-170 Tax-free treatment of genuine redundancy payments and early retirement scheme payments
83-175 What is a genuine redundancy payment ?
83-180 What is an early retirement scheme payment ?


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