Published on 06 Aug 09
by QUEENSLAND DIVISION, THE TAX INSTITUTE
As well as the emotional cost of a termination to the business owner and the individual in question, there can be significant tax costs involved. Practitioners will be increasingly called upon to provide advice on the correct tax treatment and other issues to be considered around termination payments. This paper covers:
- employment termination payments
- genuine redundancy payments
- superannuation aspects
- transitional termination payments, and
- other considerations such as:
- employee share plans
- payroll tax
- FBT, and
- excessive remuneration to associates.
Jamie Towers CTA
Jamie is a Partner with Hanrick Curran Chartered Accountants, heading up their tax consulting division. His 19 years of experience in mid tier through to Big 4 chartered accounting firms, combined with a Master of Taxation have provided him with the commercial experience and technical knowledge to provide practical solutions to taxation and business problems. Jamie regularly advises clients on their initial business structure and on business restructuring transactions. Jamie also assists smaller and regional accounting, legal and financial services firms by providing them with technical tax advice and training to help them service their clients. Current at 23 April 2014
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