Forman Financial Services

Genuine Redundancy Payment for a person aged over 65

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

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