Fast Facts
Updated October 2024 for financial year 2024-25, unless otherwise stated
Fast Facts is a comprehensive and easy to use online resource for finance professionals. It brings together useful rates and thresholds from a range of Government sources and is updated quarterly to provide you with the latest information. Bookmark this page to have this resource at your fingertips when you need it.
Tax-free amount of genuine redundancy or approved early retirement payment
$12,524 + ($6,264 x completed years of service)
Tax on life benefit ETPs (genuine redundancy, invalidity and
employment-related disputes) [4]
| Taxable component | Tax rate |
|---|---|
| Withdrawn prior to age 60 | |
| Up to $245,000 | 30% |
| Over $245,000 | 45% |
| Withdrawn at age 60 or over | |
| Up to $245,000 | 15% |
| Over $245,000 | 45% |
| Tax-free component | |
| Withdrawn at any age | 0% |
Tax on life benefit ETPs (resignation or retirement) [4]
| Taxable component | |
|---|---|
| Withdrawn prior to age 60 | |
| Up to lesser of: $245,000 and $180,000 less taxable income | 30% |
| Amounts over | 45% |
| Withdrawn at age 60 or over | |
| Up to lesser of: $245,000 and $180,000 less taxable income | 15% |
| Amounts over | 45% |
| Tax-free component | |
| Withdrawn at any age | 0% |
Tax on death benefit ETPs [4]
| Taxable component | |
|---|---|
| Paid to dependant | |
| First $245,000 | 0% |
| Over $245,000 | 45% |
| Paid to non-dependant | |
| First $245,000 | 30% |
| Over $245,000 | 45% |
| Tax-free component | |
| Paid to dependant | 0% |
| Paid to non-dependant | 0% |
Pay-in-lieu (resignation or retirement) of long service leave and annual leave [4]
| Reason for payment | % Taxable | Tax rate |
|---|---|---|
| Long service leave accrued | ||
| Prior to 16 Aug 1978 | 5% | MTR [5] |
| 16 Aug 1978 - 17 Aug 1993 | 100% | 30% |
| Annual leave accrued | ||
| Prior to 18 Aug 1993 | 100% | 30% |
| Post 17 Aug 1993 | 100% | MTR [5] |
