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23 Apr 09 Income tax: genuine redundancy payments - TR 2009/2

This final Taxation Ruling was issued on 22 April 2009. It was previously released in draft form as TR 2008/D6.

This Ruling outlines the requirements to be satisfied before any payment made to a person whose employment is terminated qualifies for treatment as a genuine redundancy payment under s 83-175 of the ITAA 1997. Genuine redundancy payments are tax-free up to a limit worked out under s 83-170. The Ruling also discusses the interaction between the tax treatment of genuine redundancy payments and the tax treatment of other termination payments provided for by Divisions 82 and 83.

For a copy of TR 2009/2, go here.

As a result of the issue of TR 2009/2, the ATO withdrew the following with effect from 22 April 2009:


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