Here is a list of the most common type of termination payments:
The amount of tax that is to be deducted may be determined by the age of the person, the reason for the termination, and the type of the payment. Bizgro understands the different rules to ensure the tax is deducted correctly.
Depending on the type of the termination payment, will determine if super is required to be paid.
Often times, if there is a termination payment, an ETP summary form will need to be filled out. This is in addition to a payment summary. Also, there are special labels that are on the payment summary that need to be entered.
In summary, Bizgro is happy to help businesses by calculating termination payments for them and filling out the appropriate forms.