As announced in the 2012 Federal Budget, as of 1 July 2012, the Government proposes that current Employment termination payment (ETP)

tax concessions only apply to an ETP if the sum of the ETP and the individual’s other taxable income is less than $180,000.

This could result in a big tax increase for some retirees.

Should you wish to discuss your current arrangements, please contact us at The SMSF Accountant.