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AN ETP (Employment Termination Pay) can have many different lines in it depending on what has accrued and is owed. It may include, but is not limited to:
Normal pay
Long service leave
Unpaid holiday pay
Pay for termination
Lump sums
Hint: The latest payslip for the employee shows the balance of accumulated entitlements.
And as Employer, you are advised to calculate the termination fee throught ATO website, where the link is as follows.
https://expertsystems.ato.gov.au/scripts/net/ETP/Introduction/ETPIntroduction.aspx?Task=c9092658-1739-4ee1-ae85-08bba2a45857&NavGraph=Home&View=HomeView&PID=68&ms=Businesses
Steps on how to setup Employee Termination Pay (ETP)
1.Complete last Pay Run for the terminated employee ;
2.Input termination date into Employee Details and tick the box of "Inactive";
3.Save and the terminated employee won't show in next Pay Run.
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