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02 Apr 13 PAYG payment summary - employment termination payment and codes

The ATO advises that following changes to the taxation of employment termination payments (ETP) on 1 July 2012, it updated the PAYG payment summary - employment termination payment to include new ETP codes. The codes describe the type of payment and will ensure the correct rate of tax is applied.

If an agent has clients paying ETPs in this income year, they need to use the new PAYG payment summary - employment termination payment and codes.

If an agent has clients receiving an ETP in this income year, they must show the ETP code in their 2013 tax return so the ATO systems know what type of payment it is. If clients do not receive the new payment summary with the ETP code, they will need to contact the payer.

For more information, refer to Taxation of termination payments.

 


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