Eligible Termination Payment definition

Eligible Termination Payment means a payment which constitutes the whole or part of an eligible termination payment within the meaning assigned to that expression by Section 27A(1) of the Tax Act.
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Eligible Termination Payment means a payment that can be rolled over within the superannuation system in accordance with the Act.
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Eligible Termination Payment in relation to a taxpayer, means:
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Examples of Eligible Termination Payment in a sentence

  • If you do tell us your TFN, we will treat it as confidential and use it for legal purposes, such as:• to calculate tax on any Eligible Termination Payment you may be entitled to;• to give your TFN to the relevant authority, if we are paying unclaimed money;• to give your TFN to the Commissioner of Taxation if you receive a benefit; and• if we transfer your benefits to another superannuation fund or retirement savings account.These purposes may change in future as a result of legislative changes.

  • A withdrawal of a lump sum benefit from legalsuper when you are under age 60 is treated as an Eligible Termination Payment (ETP) and will be subject to tax unless rolled over to another complying superannuation fund or approved deposit fund.

  • Tax on lump sum withdrawals When you make a withdrawal you are taking a lump sum benefit known as an Eligible Termination Payment (ETP).

  • These individuals are assumed to retire at age 60 and at age 65, and take retirement benefits as an Eligible Termination Payment (ETP), or 50 per cent ETP and 50 per cent lifetime pension/ annuity (these are not means tested for social security purposes), or 50 per cent ETP and 50 per cent allocated pension (such pensions are means tested for social security purposes).

  • PERSONAL INJURY EXEMPTIONS 5.1 The Capital Gains Tax Exemption 5.2 The Eligible Termination Payment Exemption 5.3 The Fringe Benefits Tax Exemption 5.4 Interaction of the Provisions 5.5 The Meaning of ‘Personal Injury’ 5.6 The Problem of Apportionment 6.

  • Most benefits are taken as lump sums and therefore subject to Eligible Termination Payment (ETP) tax.

  • Tax component changesAn important part of the Government’s policy to simplify superannuation is the conversion of all existing Eligible Termination Payment (ETP) components into the two new tax components prescribed by the Government - the ‘taxable’ component and the ‘tax-free’ component.

  • The original consultation with the WBDA was undertaken in July 2011 and the Chairman was contacted by email with letter attachment on 14 October to advise him of this new development and that officers were recommending charging the maximum fee of £10.00 in its report to Council on 6th December.

  • No contributions tax applies and such contributions are also exempt from Eligible Termination Payment (ETP) tax (see below), but earnings derived from such contributions are taxable at the normal rate and are also subject to ETP tax.

  • In the event of an incomplete year of service, employees shall receive 1 weeks pay for each three months of service; and A Vocational Re-skilling Payment of $60,000 less any applicable taxation (as part of the Eligible Termination Payment); except Severance pay for part-time staff would be paid on a pro-rata basis according to the average of ordinary hours worked over the preceding 12 months; and Any employee employed after 30 June 2005 will not qualify for any Vocational Re-skilling Payment.


More Definitions of Eligible Termination Payment

Eligible Termination Payment. , in relation to a taxpayer, means any of the following:
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Eligible Termination Payment means an amount deemed under the ITA Act to have been expended out of an eligible termination payment within the meaning of that Act.
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Related to Eligible Termination Payment

  • Eligible Termination means the involuntary termination of Participant’s employment without Cause, provided that at the time of such termination Participant is a Senior Officer and has completed at least ten (10) years of service as a Senior Officer.

  • Swap Termination Payment Upon the designation of an “Early Termination Date” as defined in the Swap Agreement, the payment to be made by the Swap Administrator to the Swap Provider from payments from the Trust Fund, or by the Swap Provider to the Swap Administrator for payment to the Trust Fund, as applicable, pursuant to the terms of the Swap Agreement.

  • Termination Payment has the meaning set forth in Section 6.03.

  • Termination Payments has the meaning specified in Section 10(a).

  • Termination Payment Date means the earlier of the first Distribution Date following the liquidation or sale of the Receivables as a result of an Insolvency Event and the occurrence of the Scheduled Series 1995-1 Termination Date.

  • Early Termination Payment is defined in Section 4.3(b) of this Agreement.

  • Estimated Swap Termination Payment means, with respect to an Early Termination Date, an amount determined by Party A in good faith and in a commercially reasonable manner as the maximum payment that could be owed by Party B to Party A in respect of such Early Termination Date pursuant to Section 6(e) of the ISDA Master Agreement, taking into account then current market conditions.

  • Defaulted Swap Termination Payment Any Swap Termination Payment required to be paid by the Trust to the Swap Provider pursuant to the Interest Rate Swap Agreement as a result of an Event of Default (as defined in the Interest Rate Swap Agreement) with respect to which the Swap Provider is the defaulting party or a Termination Event (as defined in the Interest Rate Swap Agreement) (other than Illegality or a Tax Event that is not a Tax Event Upon Merger (each as defined in the Interest Rate Swap Agreement )) with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement).

  • Termination Benefit means the benefit set forth in Article 7.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Early Termination Amount means, in respect of any Note, its principal amount or such other amount as may be specified in, or determined in accordance with, these Conditions or the relevant Final Terms;

  • Swap Termination Event means the occurrence of a “Termination Event” under the Swap Agreement, as defined in the Swap Agreement.]

  • Company Termination Fee has the meaning set forth in Section 7.3(a).

  • Qualified Termination has the meaning set forth in Section 4(b).

  • Termination Fee Event has the meaning ascribed thereto in Section 5.2(a);

  • Qualifying Termination means a termination of Executive’s employment (i) by the Company other than for Cause or (ii) by Executive for Good Reason. Termination of Executive’s employment on account of death, Disability or Retirement shall not be treated as a Qualifying Termination.

  • CIC Qualifying Termination means a Separation (A) within twelve (12) months following a Change in Control or (B) within three (3) months preceding a Change in Control (but as to part (B), only if the Separation occurs after a Potential Change in Control) resulting, in either case (A) or (B), from (i) the Company terminating the Executive’s employment for any reason other than Cause or (ii) the Executive resigning his or her employment for Good Reason. A termination or resignation due to the Executive’s death or disability shall not constitute a CIC Qualifying Termination. A “Potential Change in Control” means the date of execution of a legally binding and definitive agreement for a corporate transaction which, if consummated, would constitute the applicable Change in Control (which for the avoidance of doubt, would include, for example, a merger agreement, but not a term sheet for a merger agreement). In the case of a termination following a Potential Change in Control and before a Change in Control, solely for purposes of benefits under this Agreement, the date of Separation will be deemed the date the Change in Control is consummated.

  • Termination Amount has the meaning set forth in Section 7.02(a).

  • Premium Termination Date With respect to the Series A Certificates, the scheduled maturity date of the Series A Certificates, with respect to the Series B Certificates, the scheduled maturity date of the Series B Certificates and with respect to the Series C Certificates, the scheduled maturity date of the Series C Certificates.

  • Agreement Termination Date is defined in Section 7.4.

  • Compensation Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of an insurer to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the insurer’s contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the insurer accepts liability for having caused the loss concerned, but excludes any –

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Outside Termination Date shall have the meaning set forth in Section 8.01(f).