Genuine Redundancy Payment for a person aged over 65 31 Jan 2020

Blog / Financial Planning

In October 2019 the Government rectified an issue that affected persons aged over 65 but below the age pension who were entitled for a Genuine Redundancy Payment.  Prior to rectifying the issue that person didn't receive the tax concession available for that type of payment because the law used the actual age of 65 as the definition of the maximum age that the tax concession could be given for Genuine Redundancy as the intention was to provide the payment up to the pension age.  The amendment changed the definition from age 65 to pension age which solved the issue.

If a person who was over age 65 and received the Genuine Redundancy payment should check the tax return for the payment as they may be entitled to some refund.

The table below shows at what age a person can claim the age pension:
 

Period a person was born Pension age Date pension age changed
Born prior to 1 July 1952 65 years  
From 1 July 1952 to 31 December 1953 66 years and 6 months 1 July 2017
From 1 January 1954 to 30 June 1955 66 years 1 July 2019
From 1 July 1955 to 31 December 1956 66 years and 6 months 1 July 2021
From 1 January 1957 onwards 67 years 1 July 2023

For more information on this subject feel free to get in touch with us click here 
To receive free updates on relevant information click here 
To read more about specialised service offers for Financial Planning please click here

Disclaimer and Warning
The information above is of a general nature only.  It should not be used as a source to make financial decisions.  It's also important to note that the legislation and figures related to this topic tend to change regularly and therefore the information above may not reflect the current status.  We recommend that if you are looking for advice on this matter, you should contact us .


 


Recent News Aged-Care Financial-Planning SMSF Special-Disability-Trusts Genuine Redundancy Payment for a person aged over 65
SOLOMON FORMAN SMSF SPECIALIST ADVISOR SMSF SPECIALIST AUDITOR Forman Financial Services SOLOMON FORMAN CERTIFIED FINANCIAL PLANNERĀ® Forman Financial Services
 
© Forman Financial Services 2014. Design & Developed by maxmoment interactive