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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