New threshold amounts
The ATO has just released indexed figures for the 2010/2011 financial year.
The new Lump Sum D limits from 1 July 2010 are $8,126 plus $4,064 for each completed year of service. This is the tax free component of a bona fide redundancy payment.
Updated “Tax on Termination” tables for 10/11 are available at:
Please note the ETP thresholds have also been increased and are shown on the Tax on Termination tables.
Employees earning more than this are not entitled to additional compulsary superannuation payments. If an employee wants to make additional superanunation contributions they can either enter into a salary sacrifice arrangement or make personal contributions.
Tax tables for 2010/2011 are now available at:
Fringe benefits benchmark for parking is now $7.46.