Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:2_2:p2
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 2/6)
Character Range: 304572–307322

basis (the part‑time payment).

 (3) The amount of the payment that is attributable to each of the *pre‑16/8/78 period, the *pre‑18/8/93 period and the *post‑17/8/93 period is the sum of the amounts worked out in accordance with sections 83‑95, 83‑100 and 83‑105 that would be attributable to those periods if the full‑time payment and the part‑time payment were each *unused long service leave payments.

Long service leave taken at less than full pay

83‑115  Working out used days of long service leave if leave taken at less than full pay

  If you used days of long service leave at a rate of pay that is less than the rate to which you are entitled, the number of days of long service leave you are taken to have used (disregarding fractions of days) is as follows:

Example: If you took 100 actual days of long service leave at a rate of pay of $30 per hour, while the rate of pay to which you were entitled when taking leave is $40 per hour, you are taken to have used 75 days of long service leave, worked out as follows:

Subdivision 83‑C—Genuine redundancy payments and early retirement scheme payments

Guide to Subdivision 83‑C

83‑165  What this Subdivision is about

      This Subdivision defines what are genuine redundancy payments and early retirement scheme payments.
      If you receive a genuine redundancy payment or an early retirement scheme payment, you do not have to pay income tax on the payment so far as it does not exceed a certain amount worked out under this Subdivision.
      A part of a genuine redundancy payment or an early retirement scheme payment that is not tax free under this Subdivision will normally be an employment termination payment.

Table of sections

Operative provisions

83‑170 Tax‑free treatment of genuine redundancy payments and early retirement scheme payments
83‑175 What is a genuine redundancy payment?
83‑180 What is an early retirement scheme payment?

Operative provisions

83‑170  Tax‑free treatment of genuine redundancy payments and early retirement scheme payments

 (1) This section applies if you receive a *genuine redundancy payment or an *early retirement scheme payment.

Note: A payment cannot be both a genuine redundancy payment and an early retirement scheme payment, because of the nature of each of these types of payment: see sections 83‑175 and 83‑180.

 (2) So much of the relevant payment as does not exceed the amount worked out under subsection (3) is not assessable income and is not *exempt income.

 (3) Work out the amount using the formula:
where:

base amount means:
 (a) for the income year 2006‑2007—$6,783; and
 (b) for a later income year—the amount mentioned in paragraph (a) indexed annually.

Note: Subdivision 960‑M shows you how to index the