Redundancy Advice

If you do find yourself redundant, getting your finances under control helps reduce the stress on you and your family, and helps avoid costly mistakes.

Things to consider:

Get your finances under control. Rolling over your termination pay into super may reduce the tax paid but your money is locked away until you retire. Your termination pay might cover your costs for a little while, but you may need to consider selling some assets. If so, which ones?
Are you entitled to Centrelink, be aware of waiting periods and income and assets tests that will apply?
If you have income insurance, does it cover redundancy?
You may also be able to access super contributions? But be careful, don’t make hasty decisions that you may regret.

Being made redundant can be the toughest day in your career.

Quality financial advice can help you make the right decisions and reduce the stress during this period.