223x Filetype XLSX File size 0.03 MB Source: www.westernsydney.edu.au
Western Sydney University Voluntary Redundancy Estimate Calculator 2020/21 INSTRUCTIONS: Enter your details in the shaded boxes below (these mandatory fields will generate calculations). Salary and leave balances are available via Staff OnLine StaffOnline ### ### Name Start Date ### End Date (estimated) ### Date of Birth ### click in below cell to access drop down list Full-time Annual SalarSelect From Drop Down List or Enter Amount $ - F/N Salary $ - Err:504 Salary items Full-time Annual Allowance(s) (allowances subject to Super only) $ - F/N Super All $ - Total Full-time Remuneration $ - Appointment Fraction (e.g. 1.0 = full time, 0.5 = half time) 1.00 Total Remuneration for calculation purposes $ - ### ### SECTION 1 : VOLUNTARY REDUNDANCY PAYMENT (see note 3) X VR Payment: weeks' salary per completed year of service (max 60 weeks) + 20 weeks' salary $ - (Gross) SECTION 2 : LONG SERVICE LEAVE AND ANNUAL LEAVE Obtain your estimated leave balances as at the End Date via Staff OnLine (link provided at the top of the page) Estimated long service leave at end date (hours) 0.00 (hours) LSL = $ - (Gross) Estimated annual leave at end date (hours) 0.00 (hours) A/L = $ - (Gross) Include BAL balance here if relevant Total estimated Leave Payment at end date $ - (Gross) SECTION 3 : TOTAL ESTIMATED GROSS PAYMENT (BEFORE TAXES) TOTAL ESTIMATED GROSS PAYMENT AT END DATE: $ - Taxation Information The tax free component of the VR lump sum: $ - ### Remaining portion of the VR lump sum subject to tax: $ - Total gross leave component subject to tax: $ - The portion of the VR lump sum above the tax free threshold is an employment termination payment (ETP) and will usually be taxed at 32% or 17% if you have reached preservation age. Long service leave and annual leave are usually taxed at 32%. Gross Payment Estimated tax Net Payment Indicative tax on long service leave and annual leave $ - $ - $ - Indicative tax on any remaining portion of the VR lump sum $ - $ - $ - TOTAL ESTIMATED NET PAYMENT AT END DATE: $ - PLEASE NOTE: 1 Staff members considering voluntary redundancy are advised to seek independent professional financial and taxation advice. 2 These calculations are provided as an estimate for your information only and should not be relied upon. Final calculations may differ and are subject to confirmation and approval by the University. 3 The calculations do not take into account any periods of unpaid leave which can affect the determination of VR entitlements. 4 The long service leave and annual leave payment will alter to take account of entitlements taken prior to the date of cessation. 5 The LSL estimate may not include applicable casual service as provided for in the LSL Act. This will be taken into consideration in the final calculation 6 Calculations will only be provided by OHR with a formal offer of VR following agreement of end date with relevant supervisor and Formal Approval by Delegated Officer following confirmation of outcome of change proposal or other confirmed arrangements 7 Senior Staff will need to contact OHR for estimate calculations. If you have any queries about the information contained in this estimate, have taken any periods of unpaid leave or require any other assistance, please contact your Senior HR Partner for further 0 6 assistance. . 0 Select From Drop Down List or Enter Amount 3 . 2 0 2 0
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