Feziona1
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Joined 6 years ago
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Termination and Redundancy Pay
Hi There I am having to pay an employee a genuine redundancy. I have to pay the employee 4 weeks notice, 2 weeks time in leiu of notice and some unused leave. Firstly I am wondering if the genuine redundancy is an ETP or a Lump Sum Part A payment and also whether the payment is tax free or taxed at a marginal rate. Also regards to the unused leave: 1) Is it classified as Lump Sum Part A 2) Are you required to pay loading as well? 3) Is super payable on this amount? 4) Is the tax rate 32% as per Schedule 7 of the ATO? This is my first redundancy payment and all the research on this topic is very confusing. Thanks very muchSolved4.2KViews0likes3CommentsRe: Termination and Redundancy Pay
Thanks Tracey This is my first redudancy and it is very confusing. This information was somewhat helpful as it helped fill in some of the missing links. The term pay I am doing is not an ETP as per the ATO classification and it is a genuine redundancy. I haven't been able to locate any areas on the ato website regarding classification of genuine redundancies. Also I was wondering if payment in leui of notice if it is not worked is part of the redundancy pay and how it is taxed. Also finding it hard to obtain clarity on these questions. Any reference points I can use for the above? Thank you3.3KViews0likes1CommentLimit User Access for Pay Information
Hi there! I have a similar issue to other users on this forum in relation to user access to payroll information. The issue is accounts staff having access to payroll information when reconciling bank accounts. Regardless of whether they do not have access to payroll records, they are able to view names and pays for each staff member when reconciling accounts. Has a work around been devised YET for this huge oversight on MYOB's behalf??? User or managment advice would be greatly appreciated. Thank youSolved1.2KViews1like2Comments