Termination components to include for payrol tax (EOY Reconcillation for business)

 Author: Matt_ATO(Community Support)Community Support

19 July 2024

Howdy @spark-75,

These components can impact your payroll tax calculations:

YTD REDWPS (Redundancy Payments):

• Add in tax: This represents redundancy payments made to employees. It’s considered taxable income.
• Deduct in tax: None.

YTD PILONR (Payment in Lieu of Notice - Redundancy):

• Add in tax: This refers to payments made instead of providing notice to redundant employees. It’s taxable.
• Deduct in tax: None.

YTD PILON (Payment in Lieu of Notice):

• Add in tax: Similar to PILONR, this is for payments made instead of notice. Taxable.
• Deduct in tax: None.

YTD Term G LSL (Long Service Leave):

• Add in tax: Long service leave payments are taxable.
• Deduct in tax: None.

YTD Term G L/L (Leave Loading):

• Add in tax: Leave loading payments are generally taxable.
• Deduct in tax: None.

YTD Term G A/L (Annual Leave):

• Add in tax: Annual leave payments are taxable.
• Deduct in tax: None.

YTD TermA (Other Termination Payments):

• Add in tax: This category includes various termination payments (e.g., gratuities, severance). Taxable.
• Deduct in tax: None.

YTD ETP (Employment Termination Payment):

• Add in tax: ETPs include lump-sum payments upon termination. Taxable.
• Deduct in tax: None.

YTD TermD (Death Benefit):

• Add in tax: Payments related to a deceased employee. Taxable.
• Deduct in tax: None.

YTD TermG (Other Termination Payments):

• Add in tax: Similar to TermA, this covers additional termination payments. Taxable.
• Deduct in tax: None.