Activity $1$: Employment Termination Payment

Jeremy Lim has consulted with you and requested you to prepare "working papers" and to lodge his tax documentation. Ensure that your documentation complies with Australian taxation law and Australian Tax Office $($ATO$)$ rulings, accounting principles and practice, and organisational policies and procedures.

Client Information:

Jeremy was aged $59($born $12$ October $1965)$ when he received a genuine redundancy package on $15$ October $2023,$ after $14$ years and $2$ months with his employer.

Jeremy has advised that he has adequate private hospital cover and has provided information and details of the transactions, resulting from his redundancy, below:

Undertake the following activities based on the client information provided:

a$.$ Calculate Jeremy's Taxable Income

b$.$ Indicate the tax treatment of each item

c$.$ Calculate his Employment Termination Tax Offset

d$.$ Calculate his Tax Payable$/$Refundable