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AU - Concessional Tax Treatment of Redundancy for Over 65's Patch Released
The following patch has been released to change the taxation of employees aged over 65. The new change is effective 1 July 2019.
12.1 Patch 30780863:R12.PAY.B
12.2 Patch 30780863:R12.PAY.C
Patch description:
Tax concession for Redundancy termination is determined according to an employee's qualifying pension age.
Date Of Birth Pension Age
Before 1 July 1952 65
1 Jul 1952 and 31 Dec 1953 65.5
1 Jan 1954 and 30 Jun 1955 66
1 Jul 1955 and 31 Dec 1956 66.5
On or After 1 Jan 1957 67
The following changes are made -
Formula: AU_ETP_ON_TERMINATION
Formula Function: AU_GET_PENSION_AGE
User Table: ETP_LSD_SKIP_AGE_PENSION
Package: PAY_AU_TERMINATIONS
Please Note: The ATO has advised that due to the late communication on this change any payments already made will be adjusted when the employee submits their tax return at the end of financial year.