solved: Irene voluntarily resigned from her employment during the current…

  

Irene voluntarily resigned from her employment during the current…Irene voluntarily resigned from her employment during the current income year. As she had worked for her employer for 20 years (commencing in 2002), they paid her a lump sum of $25,000 as a gesture of goodwill and appreciation of service (golden handshake). Which of the following statements in relation to this lump sum payment is most correct assuming Irene has reached her preservation age?a.The entire $25,000 will be exempt.b.$25,000 will be assessable income with an offset limiting the rate of tax to 15%.c.$25,000 will be assessable income with an offset limiting the rate of tax to 30%.d.$25,000 will be assessed at the highest marginal tax rate of 45% LawSocial ScienceTax law TAX ACBUS203A