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Inder Muller, aged 58, recently retired from his employment as chief accountant of Moon Light Pty Ltd, after 17 years and 4 months of service

Accounting

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Inder Muller, aged 58, recently retired from his employment as chief accountant of Moon Light Pty Ltd, after 17 years and 4 months of service. Inder’s wife Belinda, aged 59, is currently running a small newsagency. Inder and Belinda visited you to seek an advice on various retirement planning options specified below. Inder and Belinda both are covered by private health insurance.

1) Regarding Inder’s Termination payment

Inder received the following payments from his employer

Gross salary from employer from the 1st of July 2018 to 30th of May 2019 $57,000

Genuine redundancy payment received on the 30th of May 2019 $73,000

Unused annual leave $26,000

Unused long service leave $12,800

Advise Inder how much tax is payable on the above termination payments. Assume no deductions to claim. You must clearly identify any ETP tax offset.