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