Employment termination payment for individuals schedule (PY)

See Employment termination payments on the ATO website for further information.

This schedule collects all the information needed to calculate the ETP offset and to lodge the py with the ATO when you've received more than one ETP payment summary.

If you've received only one ETP payment during the current income year, the ATO only wants to receive the values from the return labels. See Item 4 - Employment termination payments (ETP).

To complete the ETP schedule

The Lifetime ETP cap for the current income year is $205,000.

When you close the py schedule, we'll add up all ETP payments and pass them to the relevant labels at item 4 in the main return.

ATO pre-fill

If you download the ATO pre-fill report, we'll pre-fill this worksheet using Pre-fill manager.

Pre-fill is dependent on data available at the ATO at the time. This means that very early in the current income year, this information might not be complete. It can act as a guide for checking with your client at the time you're preparing the return.

You can:

download pre-fill reports for clients via PLS
view these reports in PDF format, then populate the pre-fill information into your client's tax return
press F3 to validate the return produces a list of the imported values as well as any errors it detects before completion and lodgment.