Income Tax: Employment Termination Payments Redundancy Trusts (12 month rule) Determination 2019 (Cth)

Legislative Instrument

Income Tax: Employment Termination Payments Redundancy Trusts (12 month rule) Determination 2019

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: 4 March 2019

1. Name of determination This determination is the Income Tax: Employment Termination Payments Redundancy Trusts (12 month rule) Determination 2019.

2. Commencement This determination 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 by a person, after the date that this determination is registered on the Federal Register of Legislation, if the payment is received from a redundancy trust:

(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 (ITAA 1997).

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

4. Repeal of previous determination This determination replaces Employment Termination Payments Redundancy Trusts (12 month rule) Determination 2009 (F2009L00716) registered on 12 March 2009. The previous determination is repealed on commencement of this determination.

5. Determination This determination is made in accordance with paragraph 82-130(7) of the ITAA 1997.