Money Doesn’t Come Without Guidance ...
If employment is terminated by the employer because the employer no longer requires the job to be performed, the employee will get a termination payment or redundancy payment under the industrial agreement or employment contract.
The redundancy payment includes:
If the payments meet the conditions of redundancy, your redundancy payments are exempt
from tax up to a certain limit when you do your tax return online. For 2017, online tax return the tax free base amount and additional amount per completed year of service are $9,936 and $4,969 respectively.