Genuine redundancy payments - eligibility extended to "pension age": Addendum to TR 2009/2

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On 29 January 2020, the ATO issued an Addendum to TR 2009/2, its ruling on genuine redundancy payments.

TR 2009/2 has been updated to incorporate amendments made to the law by the Treasury Laws Amendment (2019 Measures No 2) Act 2019, which extended the concessional tax treatment from 1 July 2019 for genuine redundancy and early retirement scheme payments made to individuals aged 65 years or more where the dismissal or retirement occurred before pension age was reached.

"Pension age" is defined to have the meaning given by the Social Security Act 1991. Pension age is age 66, rising to 67 by 1 July 2023.

The Addendum applies from 29 October 2019 (the day after the Bill received Royal Assent).

Source: www.ato.gov.au

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