employment termination payment

Employment termination payment means,

• an employment termination payment, within the meaning of section 82-130 of the Income Tax Assessment Act 1997 (‘ITAA’), that would be included in the assessable income of an employee under Part 2-40 of the ITAA; 
• a payment that would be an employment termination payment within the meaning of section 82-130 of the ITAA but for the fact that it was received later than 12 months after the termination of a person’s employment, or
• a transitional termination payment within the of section 82-10 of the Income Tax (Transitional Provisions) Act 1997 of the Commonwealth.