Fast Facts
Updated September 2023
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
$11,985 + ($5,994 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Withdrawn prior to preservation age | |
Up to $235,000 | 30% |
Over $235,000 | 45% |
Withdrawn at preservation age or over | |
Up to $235,000 | 15% |
Over $235,000 | 45% |
Tax-free component | |
Withdrawn at any age | 0% |
Tax on life benefit ETPs (resignation or retirement) [4]
Taxable component | |
---|---|
Withdrawn prior to preservation age | |
Up to lesser of: $235,000 and $180,000 less taxable income | 30% |
Amounts over | 45% |
Withdrawn at preservation age or over | |
Up to lesser of: $235,000 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Withdrawn at any age | 0% |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 $235,000 | 0% |
Over $235,000 | 45% |
Paid to non-dependant | |
First $235,000 | 30% |
Over $235,000 | 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] |