On completion of this course, the learner will have a comprehensive knowledge of terminations and will assist payroll professionals in identifying compliance issues.
This course is suitable for payroll professionals who want to learn or update their knowledge about all rules and legislation relating to all types of termination payments. Students will be sent accompanying handbook and practice activities.
Delivered in a virtual environment, this course allows for interaction with our experienced trainers, and contains numerous practice activities, example situations and interactive whiteboard demonstrations.
At the end of the course, learners will understand:
- The different types of terminations and how the category of the termination can impact the tax treatment of a final pay
- How to tax annual leave and LSL on termination for the different termination categories, including the marginal tax calculation and tax on LSL for employees with pre August 1978 and pre August 1993 service
- How to determine notice periods and redundancy entitlements under the National Employment Standards and how to calculate the value of these
- What counts as a genuine redundancy payment for tax purposes, including how tax on redundancy payments differ for employees over pension age
- How to classify Employment Termination Payments (ETPs)
- How to determine the tax on an ETP, and understanding when to use the ETP Cap or the Whole of Income Cap
- How to determine any tax-free segment of an ETP paid due to invalidity or with pre 1/7/83 service
- How an employees’ age may affect their termination payments
- What to do on the death of an employee
- What to do if you are asked to make a payment for damages (Capital Payments)
Please see our terms and conditions here before booking.