In this guide
When an employee leaves your business – whether they have been made redundant or simply decided to retire – there are lots of different types of termination payments you need to pay.
Calculating these termination payments can be confusing, but not all of them need to be included when you calculate the final super contributions you need to make to their super fund.
Then there’s the question of what happens with a retiring employee’s super and the advice or assistance you are permitted to provide as they move into their new life stage.
Super and employee termination payments
An employee termination payment (ETP) is a lump sum payment made when the employment of one of your employees is terminated. The termination can be for a range of reasons, from redundancy to retirement or resignation.
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