Income Tax: Employment Termination Payments Redundancy Trusts (12 month rule) Determination 2019
3. Application3. Application
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3. Application
This determination applies to a payment received by a person, after the date that this determination is registered on the Federal Register of Legislation, if the payment is received from a redundancy trust:
(a) either
(i) in consequence of the termination of that person’s employment; or
(ii) after another person’s death, in consequence of the termination of that other person’s employment; and
(b) more than 12 months after that termination; and
(c) is not a payment under section 82-135 of the Income Tax Assessment Act 1997 (ITAA 1997).
In this determination, such a payment is called a late termination payment.