Related tax threshold rates for 2014/15

The ATO has just released the employment termination benefits tax rates which will apply in respect of the 2014/15 financial year.

•    Life benefit cap – employment termination payments – increased to $185,000 from $180,000

•    Death benefit cap – employment termination payments – increased to $185,000 from $180,000

•    Genuine redundancy and early retirement scheme payment limits – base limit increased to $9,514 (previously $9,246) and the “complete year of service amount” increased to $4,758 (previously $4,624).