Taking Redundancy

Redundancy Assistance

Losing your job can be a difficult time, regardless of the circumstances. Redundancy is when an employer reduces their workforce because a job or multiple jobs are no longer needed. If an employee loses his or her job and the employer finds someone to fill the position, it does not qualify as a redundancy. 

During this unsettling period, there are many factors to consider, including the loss of your job, the prospect of having to look for a job, ensuring your finances are met and the lump sum payout you will receive. Although it may seem tempting to spend your payout on a big holiday or other purchase, it is a smart idea to sit down with our redundancy experts to find out how to proceed.

We can help with your financial matters and maximise your redundancy payout so that you get the most out of it, ensuring you can maintain your lifestyle. Getting yourself prepared today can make all the difference when it comes to managing your redundancy. Contact us today to discuss your redundancy and state of employment.

Factors To Consider 

  • What are the elements of my redundancy payment?
  • What is considered an Employee Termination Payout (ETP)?
  • What tax concession do you receive on your ETP?
  • How is the ETP paid?
  • How do I make sure I get the most out of my payment?
  • What do I do with my super?
  • I've decided I want to roll over my ETP. What do I do?
  • Am I entitled to Centrelink benefits?
  • What if I want to use redundancy as an opportunity to retire early?
  • Do I need to review my insurance arrangements?
How we can help:
  • Review your payout calculation.
  • Identify the tax concession components and the tax-free or tax-reduced amounts - the Eligible Termination Payment components. Review your goals and identify options for how to use the money.
  • Calculate how much you can rollover into superannuation to minimise the total tax you pay.
  • Review any insurance you have through superannuation and advise if you can continue insurance cover even though you've left the fund.
  • Review any new insurance requirements that are necessary.
  • Estimate how long you can live on your payout based on current expenditure and plans.
  • Establish a budget to live on your payout and any other income.
  • Develop options to achieve a life change in the time frame you want.
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