Income Tax Employment Termination Payments (12 month rule) Determination 2018 (Cth)

Legislative Instrument

Income Tax Employment Termination Payments (12 month rule) Determination 2018

I, James O'Halloran, Deputy Commissioner of Taxation, make this determination under subsection 82-130(7) of the Income Tax Assessment Act 1997.

James O'Halloran Deputy Commissioner of Taxation Dated: 7 December 2017

1. Name of Instrument

This determination is the Income Tax Employment Termination Payments (12 month rule) Determination 2018.

2. Commencement

This instrument is taken to have commenced on the day after it is registered on the Federal Register of Legislation.

3. Application

This determination applies to a payment received, after the date that this instrument is registered on the Federal Register of Legislation, by a person if the payment is received:

(a) either

i) in consequence of the termination of that person's employment; or

ii) after another person's death, in consequence of the termination of that other person's employment; and

(b) more than 12 months after that termination; and

(c) is not a payment under section 82-135 of the Income Tax Assessment Act 1997.

In this determination, such a payment is called a late termination payment.

4. Repeal of previous determination

This determination replaces Employment Termination Payments (12 month rule) Determination 2007 F2007L04372 (the previous determination) registered on 16 November 2007. The previous determination is repealed on commencement of this determination.

5. Determination

This determination is made in accordance with subsection 82-130(7) of the Income Tax Assessment Act 1997 (ITAA 1997).