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