|
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’.