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28 Aug 08 Income tax: genuine redundancy payments - TR 2008/D6

This draft Taxation Ruling was released on 27 August 2008 for public comment by 10 October 2008.

The draft 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 ITAA 1997. Genuine redundancy payments are tax-free up to a limit worked out under s 83-170. The draft 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. The Ruling does not deal with early retirement scheme payments, the treatment of which is provided for in s 83-180.

As a result of the release of TR 2008/D6 on 27 August 2008, the ATO withdrew Taxation Ruling TR 94/12 (Income tax: approved early retirement scheme and bona fide redundancy payments) with effect from the same day.  

For a copy of TR 2008/D6, go here  

For a copy of TR 94/12W, go here

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