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06 Aug 13 ETP payment on account of redundancy not a "genuine redundancy payment" for tax purposes - Harste

The AAT has held that a payment received by the taxpayer when his position with his employer was made redundant was not a "genuine redundancy payment" for tax purposes because it was made to him when he was 67 years of age. For an ETP to be a "genuine redundancy payment", s 83-175(2)(a) ITAA 1997 requires the payment to be made to the taxpayer no later than the day he turned 65 years of age.

Harste and FCT [2013] AATA 544 (AAT, Ettinger SM, 2 August 2013).

 


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