Taking a Redundancy

Where there were once jobs for life, it's now a fact that the average person will face redundancy 3 times during their career. Along with looking for a new job or perhaps starting your own business or deciding to retire early, what do you do with the lump sum payout you receive?

Common questions to consider

  • What are the elements of my redundancy payment?
  • What is considered an 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?

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.

What to do next

If you want us to help you review your options contact us today.