ACCOUNTING TAX AGENTS
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# Subject tax agents skill set - OTEN (Australia) ETP - Fay is a 53-year-old senior accountant who has been working for Visy for 12 years.

Subject tax agents skill set - OTEN (Australia) ETP - Fay is a 53-year-old senior accountant who has been working for Visy for 12 years. In 2015-16, Visy is taken over by a larger company, which already has a senior accountant. Fay's position is no longer needed and her employment is terminated. She accepts a redundancy and is paid 140,000 in redundancy payment. She also received \$40,000 salary and other investment income of \$160,000.a)      What concessional tax treatment applies to Fay's redundancy payment? Show your calculations.

b)What is her tax liability or her other taxable income of \$200,000

this is the answer I have worked out by no idea if even close so I need help with the yes spot on, or no way this is how you do it.

firs a a true redundncy their is a tax free part Tax free amount of the redundancy payment is (4891 X 12)= 58,692 + 9780 = 68,472

So Taxable income amount is \$140,000 - 68,472 = 71,528

so total taxable income is \$200,000 + 71,528 total 271,528

then ETP Cap is \$195,000

so I have \$71,528 X 15% = 10,729

then total tax income 27,528 - ETP 195,000 = 76,528 * 45% = 34,437.60

total Income tax payable \$45,166

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