Helen Freeman, aged 58, received an employment termination payment of $740,000 on 1 April 2013. Her employment service period is 11,688 days of which 821 days relate to service prior to 1 July 1983. What is the tax payable (excluding the Medicare levy) on Helen's employment termination payment for the 2012/13 tax year?

Please explain also. Thank you.

Answer rating: 100% (QA)

As a lump sum payments Freemans employment termination payment ETP is fully taxable so long as it me... View the full answer