Tax with Max: Paying tax on redundancies

Tax on redundancies, maximising non-concessional contributions, and more.

I am over 65 and may get a redundancy in April 2014 of $87,000. In addition, I will receive a substantial amount for long service leave and holiday pay. Can you please advise on how the tax liabilities are calculated for each of these entitlements by the Australian Tax Office. Does the $180,000 limit for 16% tax include the sum of my redundancy plus my salary to date or just the 84 weeks’ redundancy?


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