The Termination Pay Calculator allows you to calculate unused leave payments, minimum redundancy or severance pay, invalidity payments, withholding tax for unused leave payments and Employment Termination Payments. You can also create multiple termination schedules for an employee, which gives you the ability to do "what if" scenarios.
After you create a termination schedule you can print the Termination Pay Statement, which shows totals for Lump Sums A, B and D, and totals for the tax-free and taxable ETP components and their withholding tax amounts. When processing the termination pay in Add/Modify Time Sheets, you can then enter the details from the Termination Pay Statement in the Termination screen.
Before using the Termination Pay Calculator for the first time, please ensure that you have the correct setups in Attaché Payroll:
Many fields in the Termination Pay Calculator are prefilled or calculated from information in the Employee Masterfile. Before creating a termination schedule, check that the following details are correct in the Employee Masterfile:
Warning: The Termination pay calculator is not currently compliant with the changes to ETP's made in 2012/13. Please use the calculator with caution if creating a schedule that includes an ETP payment. For more information on ETP's refer to the ATO website.
REF: A001080.01 221116 3.4
Learn more about Termination pay calculator. Recorded for Attaché Payroll, this video also applies to Attaché BI payroll. (2.58 mins video.)