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HomeSMSF NewsChanges to tax on employment termination payments (ETPs)

Changes to tax on employment termination payments (ETPs)

As announced in the 2012 Federal Budget, as of 1 July 2012, the Government proposes that current 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.

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Diana Morris founded The SMSF Accountant in 2010. Diana is a member of the Institute of Chartered Accountants, holds a current public practice certificate, and is a registered tax agent. Diana has completed a Bachelor of Commerce degree and a Graduate Diploma of Chartered Accounting.