Employees

Employee Redundancy

Regardless of whether redundancy is voluntary or unexpected, it's likely to raise many important questions: 'How long will it take to find another job?'; 'How will I live in the meantime?'; 'How long can I make my redundancy payout last?'.

Essentially, there are two main issues: finding another job, and supporting yourself and your family until you're working again.

You may have to use part of your redundancy payout, eg. money from accrued annual or long service leave, before you're eligible for Government income support. However, you should try to resist the temptation to live on the remainder of your redundancy payout.

There are significant benefits in holding on to the majority of your payout in preference to using it for day to day living expenses. You might even jeopardise your chances of social security benefits if you take the money instead of 'rolling it over' into an approved rollover fund.

You may be eligible for the Newstart Allowance, although eligibility is subject to assets and income tests and waiting periods may apply. To find out you'll need to register with Centrelink and they'll be able to assess whether you're eligible for social security benefits.

If you're facing redundancy, there will be a range of issues that you'll need to address to ensure your financial security and personal well being, call us for a redundancy consultation.

Salary Packaging

There are several ways in which a salary package can be arranged to reduce taxation imposts.

Within strict parameters, benefits such as motor vehicles and superannuation may be included.

AFPG's team of advisors in partnership with your accountant will assist you to construct the most tax effective salary package possible.

For advice from our friendly staff please telephone 1300 73 PLAN. We will be happy to assist you.