Redundancy Rebate

(Posted 10-Jan-2008)

The government has introduced legislation to make the taxation of redundancy payments fairer to people who are pushed into a higher tax bracket when they receive lump sum payments.

A simple tax rebate has been introduced that will apply to redundancy payments made on or after 1 December 2006.

To claim the redundancy rebate, employees will need to complete Inland Revenue's Redundancy rebate claim form (IR524).

Read the full article at IRD: Redundancy Rebate.