Apply to convert Retention Leave to a monetary amount

Introduction

In accordance with the Commissioners Determination 3.1 (Leave), eligible employees can elect to receive a payment instead of taking leave

Getting started

To elect to convert retention leave accrued (preceding financial year) to a monetary amount the following eligibility applies:

Eligible employees are public sector employees who have completed 15 or more years of effective service and who is either:

  • employed under the Education Act 1972Parliament (Joint Services) Act 1985 or PS Act; or

  • subject to the long service leave entitlements provided in the PS Act, either as a result of regulation 13 of the Public Sector Regulations 2010 or some other industrial instrument (i.e. an Enterprise Agreement)

An employee may elect to convert their retention leave accrued from the preceding financial year (period 1 July to 31 August (inclusive) to a monetary payment.

The monetary payment amount is fixed by regulation and indexed by CPI each year.  A flat withholding tax rate of 38.5% is applied to retention leave balance conversion payments made to employees.

The entire balance accrued during the previous financial year must be converted even where that entitlement is not equivalent to one whole working day

Apply each year between 1 July and 31 August only

  Retention Leave Resources

How to

Apply to convert retention leave entitlement to a monetary amount:

  1. Provide your details on the Election to Convert Entitlement to a Monetary Amount form

  2. Sign the form

  3. Send via email, DX or postal address provided in the 'Get in touch' drop-down

  4. Requests will be processed to an employee's primary bank account (in CHRIS21 and Education EIK) by the last full pay in September.

Get in touch

Description

How to convert the entitlement to a monetary amount

  • Between 1 July and 31 August each year, you may elect to convert the Retention Leave accrued in the preceding financial year to a monetary amount.

  • To elect to receive a payment instead of taking leave, you must complete and submit the Nomination Form to Payroll Services by 31 August following the financial year in which the entitlement accrued. 

  • In accordance with an Australian Taxation Office Ruling, a flat withholding rate of 38.5% applies for payments made to an employee nominating to convert the retention entitlement to a monetary amount.

Retention Leave Resources

Functional area