Generally, when terminating your employment, an employer will tell you a date in the future when you will stop work (i.e. they will give you “notice” that your employment will end). The period that you work in between your notice of termination and your last day of work is known as a “notice period”. Where the employer does not require you to work out your notice period, you might be paid the wages you would have received if you had worked out your notice period. This is called being paid in lieu of notice.
There are some exceptions to this general rule. For example, casuals and employees dismissed for serious misconduct are not entitled to notice.