Hello,
My workplace is going through a large and public restructure, think -3500 jobs going, and I want to know are there any tax implications if I select voluntary redundancy as one of my preferences during the preference process. My boss is telling me I will be taxed higher, but I’m not sure. For information purposes I’m based in Australia.
Tax implications of voluntary redundancy
byu/Brilliant_Success927 intax
Posted by Brilliant_Success927
2 Comments
You can use the redundancy calculator via the business or a government website. You’ll be taxed at the standard rate for any annual, long service and remaining patenting leave (if some were taken). Your other portion is essentially tax free which would include the super payment. I would also recommend using the internal calculator and even government.
Sounds like a genuine redundancy. Just wait for an offer and grab it. Don’t think work will get any better