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  

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History

Part 2-40 inserted by No 9 of 2007 , s 3 and Sch 2 item 1, applicable on and after 1 July 2007.

Division 83 - Other payments on termination of employment  

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Div 83 inserted by No 9 of 2007 , s 3 and Sch 2 item 1, applicable on and after 1 July 2007.

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

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Subdiv 83-C inserted by No 9 of 2007 , s 3 and Sch 2 item 1, applicable on and after 1 July 2007.

Guide to Subdivision 83-C

SECTION 83-165   What this Subdivision is about  

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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.

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History

S 83-165 inserted by No 9 of 2007 , s 3 and Sch 2 item 1, applicable on and after 1 July 2007.

TABLE OF SECTIONS

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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