Tax Tables EMPLOYMENT TERMINATION PAYMENTS Australia

LUMP SUM LEAVE PAYMENTS
Unused annual leave	Tax
On resignation or retirement
Leave accrued before 18/08/93	100% included in assessable income and taxed at maximum rate of 31.5%
Leave accrued after 17/08/93	100% included in assessable income and taxed at marginal rate
On genuine redundancy, approved early retirement, invalidity	100% included in assessable income and taxed at maximum rate of 31.5%

Unused long service leave	Tax
On resignation or retirement
Leave accrued before 16/08/78	5% included in assessable income and taxed at marginal rate
Leave accrued 16/08/78 – 17/08/93	100% included in assessable income and taxed at maximum rate of 31.5%
Leave accrued after 17/08/93	100% included in assessable income and taxed at marginal rate
On genuine redundancy, approved early retirement, invalidity
Leave accrued before 16/08/78	5% included in assessable income and taxed at marginal rate
Leave accrued after 15/08/78	100% included in assessable income and taxed at maximum rate of 31.5%
Genuine redundancy/approved early retirement - 2010/2011	Tax
Tax Free Amount	$8,126 + ($4,064 x completed years of service)
Remainder	Taxed as an ordinary Employment Termination Payment

EMPLOYMENT TERMINATION PAYMENTS
Income component derived in the income year	Age at the end of the income year in which the payment is received	Component subject to tax	Maximum rate of tax (including Medicare levy)
Life benefit ETP – taxable component	Under preservation age	Up to lower cap amount	31.5%
	At or above preservation age	Up to lower cap amount	16.5%
	All ages	Amount above lower cap amount	46.5%
Transitional ETP – taxable component	Under preservation age	Up to upper cap amount	31.5%
	At or above preservation age	Up to lower cap amount	16.5%
		Amount above lower cap amount up to upper cap amount	31.5%
	All ages	Amount above upper cap amount	46.5%
Death benefit ETP paid to nondependants –taxable component	All ages	Up to lower cap amount	31.5%
Death benefit ETP paid to nondependants –taxable component		Amount above lower cap amount	46.5%
Death benefit ETP paid to dependants –taxable component	All ages	Up to lower cap amount is not assessable income and is not exempt income	Nil
Death benefit ETP paid to dependants –taxable component		Amount above lower cap amount	46.5%