Employment termination payment summary (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 access the py worksheet

To open the py worksheet:

Click label E, F or I at Item 4: Employment termination payments (ETP).
Select Preparation > Schedule > Employment termination payment.
Go to Preparation > Schedule > Income details schedule > Enter Y at Section C - Employment termination payment summaries.

You can use the ATO Pre-fill to download reports and check what the ATO has received from the employer. See What data pre-fills into Tax?

To complete the py schedule

The payer’s ABN or WPN is only mandatory if Country is Australia, Cocos Islands, Christmas Island, Norfolk Island or Heard Island and McDonald Islands.

The following fields are now mandatory:

Tax withheld
Taxable component
ETP code

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.