Lump Sum Payments

Lump Sum Payments

There are four types of lump sum payments. The reason the categories exist is that the different lump sum payments types are all treated differently, in regards to income tax and superannuation.  The four categories are:

  1. Lump sum A - Long service or annual leave. There are two types of lump sun A Payments: R & T
    1. The payments are a lump sum A type R if the payment was made for a genuine redundancy, invalidity or under an early retirement scheme.
    2. If the payment is made for any other reason, it's a type T.
  2. Lump sum B - Unused long service leave - accrued before 16 August 1978
  3. Lump sum D - Tax free amount of a genuine redundancy or approved early retirement
  4. Lump sum E - Lump sum payments in arrears or non-superannuation annuity payments

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