Reg is 56 years of age and has worked for SD PTY. LTD. for 23 years. He earnt $180,000 this year before being made redundant. Reg is eligible for the full amount of his long service leave. He received an additional payment (golden handshake) including a redundancy payment with the details as follows: As per ATO rules, refer to this URL link https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?page=21

$20,000 unused sick leave; $3,000 unused annual leave; $78,000 unused long service leave; and $235,000 golden handshake. How much tax will Reg have to pay on the additional payments provided in the schedule above?

Answer rating: 100% (QA)

Answer Regs long service leave will be taxed at a concessional rate ... View the full answer