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Tax on redundancy payment
4 replies to this topic
Posted 09 November 2012 - 05:55 PM
My DH has just been made redundant
He is going to get his final payment in full on Tuesday in one lump sum.
Does anyone know how tax is calculated for a redundancy payment? Is he going to get heavily taxed because he's being paid a lump sum? Like when he does over time he pays more tax, is it the same as that?
His redundancy payout is about $15k if that makes a difference.
Posted 09 November 2012 - 06:01 PM
No tax is different , there should be an easy guide on ATO website or your State govt website, just google redundancy payment calculations ..FWA has info as well. Some even have tables to help you work out entitlements...he should receive a breakdown in the letter explaining the components
Make sure you check it carefully...I have seen so many errors on this....
Posted 09 November 2012 - 06:05 PM
I'm sorry to hear about this. It sucks.
Tax on redundancy payments are calculated differently, same as with any long service leave and annual leave accrued.
Hope this helps.
Posted 09 November 2012 - 06:10 PM
I was just made redundant. I paid on average of 10% tax on my payout figure. The redundancy payout amount paid by the employer was tax free. Only the annual and LSL components are taxed.
Sorry to hear that Sunnycat. You're lucky to have a job right now, as crappy as it might be it's still income.
I hope your DH has taken the news okay.
Posted 09 November 2012 - 06:16 PM
Okay thanks everyone
Hopefully this is a blessing in disguise on to better things for him. Such a shock, especially since he was just given a pay rise.
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