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GPAUS: Changes To Preservation Age For ETP Payments (Doc ID 2719064.1)

Last updated on NOVEMBER 17, 2020

Applies to:

PeopleSoft Enterprise HCM Global Payroll Australia - Version 9.2 and later
Information in this document applies to any platform.

Goal

Changes to Preservation Age for ETP Payments:
Treasury Laws Amendment (2019 Measures No. 2) Bill 2019 extends the concessional tax treatment for genuine redundancy and early retirement scheme payments made to individuals who are 65 years or older provided the dismissal or retirement occurs before they reach pension age.

Current Legislation (s83-175(2)(a) Income Tax Assessment Act 1997) A genuine redundancy payment must satisfy the following conditions:
(a) the employee is dismissed before the earlier of the following:
    (i) the day he or she turned 65;

Legislation effective 28 October 2019 (s83-175(2)(a) Income Tax Assessment Act 1997) A genuine redundancy payment must satisfy the following conditions:
(a) the employee is dismissed before the earlier of the following:
   (i) the employee reached pension age;

Date of Birth                               Pension Age                        Date
of Pension Age Change
1 Jan 1954 to 30 Jun 1955           66 years                           1 July 2019
1 Jul 1955 to 31 Dec 1956        66 years and 6 months          1 July 2021
On of after 1 Jan 1957                 67 years                           1 July 2023
 

Solution

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In this Document
Goal
Solution
References


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