Treasury:

Genuine redundancy and early retirement scheme payments, closes on Thursday 1 August 2019

In the 2018-19 MYEFO, the Government announced that it would extend the concessional tax treatment of genuine redundancy and early retirement scheme payments, from 1 July 2019, to those under Age Pension qualifying age.

The Government has released exposure draft legislation and explanatory material for amendments to give effect to this MYEFO announcement.

From 1 July 2019, the proposed legislation will align the age below which a person can receive a genuine redundancy or early retirement scheme payment. This will address the circumstance where some older Australians who, due to their age, cannot access either the Age Pension or the tax-free component of genuine redundancy or early retirement scheme payments.

The proposed legislation does not make any other changes to the taxation of genuine redundancy payment or other types of employment termination payments.

You can submit responses to this consultation up until Thursday 01 August 2019.

 

Senate Economics Legislation Committee:

Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019, closes on Monday 5 August 2019

On 4 July 2019, the Senate referred the provisions of the Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019 to the Economics Legislation Committee for inquiry and report by 18 October 2019.

You can submit responses to this consultation up until Monday 5 August 2019..

 

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