Employment termination payment Mary Adams 45, retired from her job as an engineer with XYZ Ltd. Mary
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Question:
Employment termination payment Mary Adams 45, retired from her job as an engineer with XYZ Ltd.
Mary received the following payments including approved early retirement payments after 8 years with XYZ Ltd.
• Gross salary from employer $170,000 • Approved early retirement scheme payment $97,000
• Unused annual leave $15,000
• Unused long service leave $7,400 Required Advise Mary on the taxation implications of her retirement. Assume no deductions to claim. You must clearly identify any ETP tax offset. You must provide relevant cases and/or legislation.
Expert Answer:
The taxation implications of Marys retirement will depend on the amount of her unused annu... View the full answer
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