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In this example, Wendy Buller was terminated on 05/07/2015 and she received a redundancy payment of $1,000. Her full redundancy payment was $2,000, but for tax reasons she wants to receive $1,000 in 2016-2017.
This topic shows how to add Wendy Buller's "R. Related" Employee Terminations record for her future redundancy payment of $1,000 in 2016-2017.
Important: You cannot process this transaction until 2016-2017 because the payment date is 20/07/2016.
Note: You could also wait until 2016-2017 to add the related record.
Exolvo automatically creates a new Employee Terminations record and populates most fields with values from Wendy's adjustment record.
Exolvo uses the following read-only values:
Field |
Value |
---|---|
Employee termination type |
RE. Related |
Status |
UNCONFIRMED |
Termination related to |
1090 Golden Handshake |
Field |
Values |
Description |
1090 Second Redundancy Payment |
Date of payment |
20/07/2016 |
Field |
Amount |
Redundancy payment |
1000.00 |
Note: When you added this related payment, the Qualify up to tax-free up to limit and Excluded/Non-excluded payment settings were copied from Wendy's adjustment record.
Exolvo calculates ETP components and tax to be withheld.
Note: You can also add related ETPs in a standard pay, but you have to ensure that the employee does not receive any extra transactions through payroll rules when you process the pay.
Pay Header with Days worked this period = 0.0000
504 - Post-termination payments (accept the default values). See Minimising Incorrect Payments for Terminated Employees.
When you close the pay, Exolvo updates the related Employee Terminations record with the manual pay sequence number.
Note: If the whole payment is tax-free, then you do not have to generate this report. If the payment is a "Death to Trustee" ETP, send the report to the trustee of the deceased estate.
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Topic: 30393