Need help regarding termination payments on my tax return?

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(Newbie)Newbie

9 Aug 2024

Hi guys,

This is probably a silly question but I worked at a part-time job for a couple of months last year, and when I quit I got a final payslip for 'termination payments- unused leave payment (normal termination)'. I'm doing my tax return right now and I'm a bit confused on if I should/how to add this in? Would it be already included in the pre-filled info? Or do I check the 'Employment Termination Payments (ETP)' box? I'm guessing it would be under code O? But how do I calculate the taxable component, etc.?

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Taxduck

(Taxicorn)Taxicorn

9 Aug 2024

If your income is prefilled into your tax return then you shouldn't need to do anything. If it isn't then you should have a payment summary or payment summaries from your employer. Any unused leave would be probably be included in your gross payments on your income statement or payment summary. Employment termination payments do not include payments for unused annual or long service leave.

Employment termination payments for employees | Australian Taxation Office (ato.gov.au)