Country : Australia
Assignment Task

 

QUESTION 

Paul Daniels has been managing director of a large public company for 20 years. During this period, the company experienced incredible growth in size and profits, and Daniel gained great respect within the industry. As part of his 10-year contract, he receives a salary package of $200,000 per annum.
However, as a result of a takeover and a reconstitution of the Board of Directors, in September 2020 the Board asked for Daniel’s resignation as managing director. Daniels was then appointed as general manager on a reduced salary of $150,000. A new managing director was appointed to head the company. As a result, the Board decided to give Daniels $180,000 on taking up his appointment as general manager and a further $50,000 if he remained in that position for 12 months.
Required:
Advise Daniels on the taxation implications of the above events for the 2020-21 tax year, citing relevant legislation and case law to support your answer.
 

 


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  • Posted on : April 08th, 2019
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