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  • Tax-free part of genuine redundancy and early retirement scheme payments

    This table shows the limit set for genuine redundancy and early retirement scheme payments. For earlier years, see Tax-free part of bona fide redundancy payments and approved early retirement scheme payments limits.

    Table 16: Genuine redundancy and early retirement scheme payment limits

    Income year

    Base limit

    For each complete year of service

    2015-16

    $9,780

    $4,891

    2014–15

    $9,514

    $4,758

    2013–14

    $9,246

    $4,624

    2012–13

    $8,806

    $4,404

    2011–12

    $8,435

    $4,218

    2010–11

    $8,126

    $4,064

    2009–10

    $7,732

    $3,867

    2008–09

    $7,350

    $3,676

    2007–08

    $7,020

    $3,511

    In accordance with section 960-275 of the ITAA 1997, the base limit and service amount is indexed in line with AWOTE each income year. The new indexed amount is generally available each February.

    Danger

    A temporary 2% levy applies for the 2014-15, 2015-16 and 2016-17 income years to individuals with a taxable income of more than $180,000 per year. The levy is payable at a rate of 2% of each dollar of a taxpayer’s taxable income over $180,000. This will cease to apply from 1 July 2017.

    End of danger
    Last modified: 24 Jun 2015QC 18123