Lump Sum Payment Changes

(from the ATO's Business Implementation Guide)

By introducing the reporting of Lump Sum E amounts by financial year, this will streamline the IITR process for payees and remove the requirement for the Payers to issue Lump Sum E letters to Payees.

For consistency with the payments that have a special tax table, NAT 3347 Return to Work Payments are now separately itemised as Lump Sum W rather than included in Gross.

Termination Payments can be complex. If unsure how an amount should be reported, check with your tax/accounting advisor or the ATO.

Phase 2 Lump Sum Types are: