Div 5Termination payments

Division 5—Termination payments 27—Definitions employment termination payment means— (a) an employment termination payment within the meaning of section 82—130 of the ITAA; or (b) a payment that would be an employment termination payment within the meaning of section 82—130 of the ITAA but for the fact that it was received later than 12 months after the termination of a person's employment; or (c) a transitional termination payment within the meaning of section 82—10 of the Income Tax (Transitional Provisions) Act 1997 of the Commonwealth; termination payment means— (a) a payment made in consequence of the retirement from, or termination of, any office or employment of an employee, being— (i) an unused annual leave payment; or (ii) an unused long service leave payment; or (iii) so much of an employment termination payment paid or payable by an employer, whether or not paid to the employee or to any other person or body, that would be included in the assessable income of an employee under Part 2—40 of the ITAA if the whole of the employment termination payment had been paid to the employee; or (b) an amount paid or payable by a company as a consequence of the termination of the services or office of a director of the company, whether or not paid to the director or to any other person or body, that would be an employment termination payment if that amount had been paid or payable as a consequence of termination of employment; or (c) an amount paid or payable by a person who is an employer under a relevant contract (within the meaning of section 32) as a consequence of the termination of the supply of the services of an employee under the contract, whether or not paid to the employee or to any other person, if the amount would be an employment termination payment if that amount had been paid or payable as a consequence of termination of employment; unused annual leave payment has the same meaning as in section 83—10 of the ITAA; unused long service leave payment has the same meaning as in section 83—75 of the ITAA. 28—Termination payments For the purposes of this Act, wages include a termination payment.