When employment ends, usually a termination payment is required. There are many special rules regarding termination payments. These rules relate to the:
- Amount of pay required
- Tax to be deducted
- Superannuation to be paid
- Special forms to be filled out
Bizgro understands the complexity of termination payments, and the requirement to ensure that it is handled correctly. In some situations, an employee may not be happy with the termination situation, so we aim to reduce the amount of stress.
Amount of Pay Required
Here is a list of the most common type of termination payments:
- Annual leave on termination
- Golden Handshake payment
- Pay in Lieu of Notice
- Long Service Leave on termination
Tax to be Deducted
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.
Superannuation to be Paid
Depending on the type of the termination payment, will determine if super is required to be paid.
Special Forms to Fill Out
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.