Two initiatives to benefit seniors

Published 17th January 2019

Federal Treasurer Josh Frydenberg has announced two initiatives to benefit older Australians.

The first will reform redundancy and early retirement scheme payments to ensure thousands more Australians nearing retirement will pay less tax if they receive a redundancy or an early retirement scheme payment.

Genuine redundancy payments are made when a job is abolished and early retirement scheme payments are made when a person retires early, or resigns, as part of a scheme put in place by an employer.

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Source:
Unknown Author, 2018, National Seniors (https://nationalseniors.com.au/)