Facts

Louise has worked for the NSW Government for 10 years. Unfortunately, due to COVID-19 pandemic, the NSW Government is forced to make many employees' redundant and Louise has been selected as part of the redundancy program. Louise is made redundant in the 2021 financial year and receives a payment of $350,000 on top of annual and long service leave entitlements totalling $5,000. Had she not been made redundant and resigned voluntarily, she would have been paid $1,000 under the relevant workplace policies (on top of any annual and long service leave entitlements). Louise will forego bonus commission she was expected to earn in 2022 financial year and the NSW Government will also pay her a once-off $1,000 to recognise her contribution to assisting with a project work.

Question

Explain Louise's tax consequences of the above transactions and her taxable income.