This course covers the nature of a genuine redundancy payment, early retirement payments, life insurance policy payments and the treatment of unused annual leave and long service leave.
Description
The rules in regard to what is and is not an employment termination payment and how the benefit is taxed are complex. Updated in September 2022, this course covers the nature of a genuine redundancy payment, early retirement payments, life insurance policy payments and the treatment of unused annual leave and long service leave.
Key topics:
- Employment termination payment
- Genuine redundancy payment
- The taxation treatment of an ETP (life benefit)
- The taxation treatment of an ETP (death benefit)
- Taxation treatment of unused leave
Learning objectives
- Identify an employment termination payment
- Identify a genuine redundancy payment
- Determine the taxation treatment of an employment termination payment
- Identify a life benefit termination payment and when it is paid
- Determine the taxation implications of a death benefit termination payment
- Determine the taxation treatment for unused leave
Audience
- Accountants who are licensed to provide SMSF advice
- Employees of accountants who are licensed to provide SMSF advice
- SMSF auditors
- Trustees of SMSFs
- Tax accountants