Taxation question for accountants/ tax dept worker out there

[TroyGFC]

is there anyone out there who is in tax business?

With Mitsubishi giving me a redundancy package which includes my long service leave, I have already paid alot of tax so if I was to get another job I may get taxed even more $$$.
Is it possible to when starting my next chapter in life at another company ticking the box in employment forms electing to get taxed at higher amount. then after a year or so change it back to normal tax amount?

[Dog_ger]

See a tax consultant troy. I think your lump sum may be taxed at 5%....?

Things may have changed over the years though.....

Get a job straight away.

Forget about the tax. You will only pay fair taxation my friend.

Your company or union should be supplying at least one.

[Hondo]

http://www.ato.gov.au/businesses/content.asp?doc=/content/00096541.htm&pc=001/003/079/001/007&mnu=&mfp=&st=&cy=1

This is a start - it depends on how much tax you want with-held

If its not a huge amount, ticking the "don't claim tax free threshold" box on the Employment form will automatically take our about an extra $30 per week without needing to apply to the tax office

[RoosterMarty]

You can change whether you claim the tax-free threshold or not whenever you want, it's a pretty simple process.

[TroyGFC]

cheers, have to keep it in mind.

[Dutchy]

my wife got a redundancy package 18 months ago and you essentially dont get taxed on the lump sum and Leave/LSL is taxed on a flat rate of 30%, so if you are on a higher tax bracket you save some tax there...

I would have thought Mitsi's would have been able to provide some advice for their workers in this case?

[Rushby Hinds]

troy, how long have you been at mitsubishi?


email me know your start date

the redundancy amount

the unused long service leave

the unused annual leave

and i'll work out exactly how much tax you pay.

[smac]

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Good luck with getting it all sorted, I know that the right advice will save you $1,000's.