Julie Phillips is the Little Pear Administration Pty Ltd Managing Director. She has been in the...
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Julie Phillips is the Little Pear Administration Pty Ltd Managing Director. She has been in the company for 8 years but her position is no longer needed due to a recent outsourcing strategy. She accepts the redundancy termination and is paid $200,000. The genuine redundancy part of her payment is $300 per week worked for the company. Her other taxable income in 2018-19 is $125,000. Julie has not reached preservation age. a) Work out Julie's redundancy payment including the tax-free, taxable component and tax withheld. (Show your workings). Genuine redundancy: Genuine redundancy Tax-free limit Subject to ETP cap (in excess of tax free limit) Concessional tax Non-genuine redundancy: Non-genuine redundancy Whole-of-income cap ETP cap Concessional tax Non-concessional tax WORKINGS WORKINGS 00002 S $ S Is $ $ S ANSWER $ S $ ANSWER b) Describe the following two (2) legal requirements regarding this redundancy termination up process. Give the source of information in your answer for each. 1. Taxation of: i. genuine redundancy and early retirement scheme payments; il. non-genuine redundancy. Also, provide your source(s) of the information. 2. The contents of the employer's letter of termination of employment to the employee under a redundancy situation. Tip: Carefully research this item Termination by redundancy Also, provide your source(s) of the information. vansbrution onune@ bydu2 ryosonubas sniunas-nov c) If Julie's weekly pay is $2,000, what is the minimum redundancy pay she is entitled to? Show your workings. Tip: Research the minimum redundancy pay requirements for employees under the National Employment Standards. Julie Phillips is the Little Pear Administration Pty Ltd Managing Director. She has been in the company for 8 years but her position is no longer needed due to a recent outsourcing strategy. She accepts the redundancy termination and is paid $200,000. The genuine redundancy part of her payment is $300 per week worked for the company. Her other taxable income in 2018-19 is $125,000. Julie has not reached preservation age. a) Work out Julie's redundancy payment including the tax-free, taxable component and tax withheld. (Show your workings). Genuine redundancy: Genuine redundancy Tax-free limit Subject to ETP cap (in excess of tax free limit) Concessional tax Non-genuine redundancy: Non-genuine redundancy Whole-of-income cap ETP cap Concessional tax Non-concessional tax WORKINGS WORKINGS 00002 S $ S Is $ $ S ANSWER $ S $ ANSWER b) Describe the following two (2) legal requirements regarding this redundancy termination up process. Give the source of information in your answer for each. 1. Taxation of: i. genuine redundancy and early retirement scheme payments; il. non-genuine redundancy. Also, provide your source(s) of the information. 2. The contents of the employer's letter of termination of employment to the employee under a redundancy situation. Tip: Carefully research this item Termination by redundancy Also, provide your source(s) of the information. vansbrution onune@ bydu2 ryosonubas sniunas-nov c) If Julie's weekly pay is $2,000, what is the minimum redundancy pay she is entitled to? Show your workings. Tip: Research the minimum redundancy pay requirements for employees under the National Employment Standards.
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To answer your question related to Julies redundancy payment calculations it seems like were looking at Australian tax rules regarding employment termination payments ETP including genuine and nongenu... View the full answer
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Management Accounting Information for Decision-Making and Strategy Execution
ISBN: 978-0137024971
6th Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
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