Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 9/20)
Character Range: 1575368–1578175

Division 80

Guide to Division 80

80‑1  What this Division is about
      This Division sets out rules that apply throughout the Part. The rules are about holding an office, the termination of employment, the transfer of property and receiving and making payments.

Table of sections

Operative provisions
80‑5 Holding of an office
80‑10 Application to the termination of employment
80‑15 Transfer of property
80‑20 Payments for your benefit or at your direction or request

Operative provisions

80‑5  Holding of an office
  If a person holds (or has held) an office, this Part applies to the person in the same way as it would apply if the person were (or had been) employed.

80‑10  Application to the termination of employment
  For the purposes of this Part, treat the termination of employment as including:
 (a) retirement from employment; and
 (b) the cessation of employment because of death.

80‑15  Transfer of property
 (1) Any of the following payments covered by this Part (but no others covered by this Part) can be or include a transfer of property:
 (a) an *employment termination payment;
 (b) a *genuine redundancy payment;
 (c) an *early retirement scheme payment;
 (d) a payment covered by Subdivision 83‑D (Foreign termination payments);
 (e) a payment that would be an employment termination payment but for paragraph 82‑130(1)(b) (see Subdivision 83‑E).
Note: An unused annual leave payment or an unused long service leave payment cannot include a transfer of property.
 (2) The amount of the payment is or includes the *market value of the property.
 (3) The *market value is reduced by the value of any consideration given for the transfer of the property.

80‑20  Payments for your benefit or at your direction or request
 (1) This section applies for the purposes of:
 (a) determining whether Division 82 or 83 applies to a payment; and
 (b) determining whether a payment mentioned in Division 82 or 83 is made to you, or received by you.
 (2) A payment is treated as being made to you, or received by you, if it is made:
 (a) for your benefit; or
 (b) to another person or to an entity at your direction or request.

Division 82—Employment termination payments

Table of Subdivisions
 Guide to Division 82
82‑A Employment termination payments: life benefits
82‑B Employment termination payments: death benefits
82‑C Key concepts

Guide to Division 82

82‑1  What this Division is about
      This Division tells you how employment termination payments are treated for the purpose of income tax.

Subdivision 82‑A—Employment termination payments: life benefits

Guide to Subdivision 82‑A

82‑5  What this Subdivision is about

      If you receive a life benefit termination payment, part of the payment may be tax free (the tax free component).
      You are entitled to a tax