If your employment is terminated, you may be eligible to receive a lump sum payment, or payments, made up of entitlements such as:
- unpaid wages
- unpaid annual leave
- unpaid long service leave
- pay in lieu of notice
- bona fide redundancy and approved early retirement scheme payments.
Remember to register with Centrelink and contact one of their financial information service officers for information about your eligibility for Centrelink payments. Many Centrelink payments are assessable for income tax purposes and need to be included in your tax return. Other government pensions, allowances and payments may be exempt from income tax, in which case they do not need to be included in your tax return.
About the Author
Warren Kruger is an Australian Tax Specialist and Advisor.
For a FREE Report "7 Essential Strategies to Reduce Your Taxation NOW!",
Sign Up RIGHT NOW in the Opt In Box located on the top right hand side of this article.
Sign Up RIGHT NOW in the Opt In Box located on the top right hand side of this article.
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Warren Kruger is an Australian Tax Specialist and Advisor. For a FREE Report “7 Essential Strategies to Reduce Your Taxation NOW!”,enter your name and email address in the Opt In Box located on the top right hand side of this article.
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