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  TAX - I to ZTax FreeApproved Early Retirement Scheme      Wednesday, 20 January 2021  

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Tax-Free Limit of Approved Early Retirement Scheme


   
Redundancy & AERS Tax Free Limits
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Income year

Base limit

Per complete year of service

2020-21

$10,989

$5,496

2019-20

$10,638

$5,320

2018-19

$10,399

$5,200

2017-18

$10,155

$5,078

2016-17

$9,936

$4,969

2015-16

$9,780

$4,891

2014-15

$9,514

$4,758

2013-14

$9,246

$4,624

2012-13

$8,806

$4,404

2011-12

$8,435

$4,218

2010-11

$8,126

$4,064

2009-10

$7,732

$3,867

2008-09

$7,350

$3,676

2007-08

$7,020

$3,511

2006-07

$6,783

$3,392

2005-06

$6,491

$3,246

2004-05

$6,194

$3,097

2003-04

$5,882

$2,941

2002-03

$5,623

$2,812

2001-02

$5,295

$2,648

2000-01

$5,062

$2,531

1999-00

$4,858

$2,429

1998-99

$4,712

$2,356

1997-98

$4,548

$2,274

1996-97

$4,348

$2,174

1995-96

$4,180

$2,090

1994-95

$4,000

$2,000


These thresholds are increased in line with movements in AWOTE.

Generally

1. The tax-free component:

> is recorded at Label D on the PAYG Payment Summary.

> is not recorded on the income tax return.

> cannot be rolled over.

> is not an ETP.

> only applies if termination is prior to age 65 or normal retirement age.

2. The amount in excess of the tax-free component:

> is treated as an employer-financed ETP (taxable).

> could be rolled over up to 30 June 2007.

> Employer ETP’s rolled over on or after 1 July 2004 are preserved.

> cannot be rolled over from 1 July 2007.  (Transitional rules may apply).

> For the tax treatment of the amount in excess of the tax-free component, refer to the link below – ‘Employment Termination Payments’.

 


This page was last edited on 4 January 2021

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