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This money will be treated as income and so may push you into a higher income tax band.
Income tax calculator redundancy payment. If your redundancy pay is higher than 30 000 you will normally have to pay tax on the excess. Let s assume your taxable redundancy payment is 10 000 40 000 30 000 this results in a taxable income of 20 000. This free redundancy payment calculator does not factor in the low and middle income tax offset lamito which will be replaced by the new low income tax offset in the 2022 23 financial year. Add your redundancy payment net of the 30 000 tax free amount to this amount.
If as a result of covid 19 you are taking leave have been stood down or have lost your job see tax on employment payments for more information on payments you may receive in these circumstances. Given statutory redundancy pay is capped at 16 140 you won t pay any tax if you just receive the legal minimum. Your total redundancy pay both statutory and contractual may be tax free up to a maximum amount of 30 000. Certain redundancy payments are tax free up to a limit based on the number of years you worked for that employer.
Click on the icon to show explanation of each field. In this example it is 24 000 20 000 x 0 2 4 000. You can work out your thresholds in our guide to income tax rates. Generally your employer will deduct any tax before paying you out.
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