This can be a rather unsettling period as there are many factors to consider such as 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.

It may seem tempting at first to blow your payout on that big holiday you have always wanted to go to but what if you don’t have any income for a long period, will your finances still be met?

When you speak with us, we are able to help with the financial matters and maximise your redundancy payout so that you get the most out of it to ensure you can maintain your lifestyle. Although it can be an unsettling period knowing that you could be prepared today makes all the difference when it comes to managing your redundancy.

Common questions to consider

Some questions you may wish to consider include:

  • 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

We can:

  • 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 timeframe you want.


Want to know more. 

If you need help with personalised advice on financial planning, be it wealth strategies or protection for you or your family, or a need to discuss your present or future retirement options give us a call today on 03 6343 1007.  

Alternatively send us a message or simply book an appointment now with one of our qualified financial planners on our online booking service at a mutually acceptable time.

Copyright © FinancialPartners Blog  All Rights Reserved

Feel free to copy and share this but include the entire article and reference back to this site thanks.

FinancialPartners (Tas) Pty Ltd ABN 26 160 284 739 is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 Australian Financial Services Licence 232706 and Australian Credit Licence 232706.

‘This blog post contains information that is general in nature. It does not not take into account the objectives, financial situation or needs of any particular person.  Because of this, before acting on any advice, you need to consider your financial situation and needs before making any decisions based on this information.

 You should consult a financial planner to consider how appropriate the advice is to your objectives, financial situation and needs.

 If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/ or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.

 Develop options to achieve a life change in the timeframe you want

Comments are closed

  • Just a small sample of some of our previous blog posts

    • Fight for the fittest – Insurance discounts for the active
        Fight for the fittest – Insurance discounts for the active Rupert Murdoch wears one, so does Gwyneth Paltrow. Wearable fitness devices are the latest must-have accessory for health conscious media moguls, celebrities and ......
    • Sending more to the tax office than you should?
      Sending more to the tax office than you should? Can you keep more money for yourself and work towards being better off from 2017? As the year-end fast approaches, it’s a good time to think about how you can start working towards being ......
    • Marriage in later life
        Marriage in later life Romance blooms at any age, including as we get older and supposedly wiser about such things of the heart, and head. So, if you’re considering marriage, perhaps for a second time or more, give thought to the ......
    • Gen Y investing in home and away
        Gen Y investing in home and away Gen Y has been brandished a generation of non-savers but that is not the reality. Gen Y is saving but unlike earlier generations they are not necessarily saving for a home. Some of that move away ......
    • Why unlisted commercial property remains an attractive investment destination
      05 November 2015   Why unlisted commercial property remains an attractive investment destination Australian unlisted commercial property returns have been strong at 9.5-10% pa over the last six years. Soft space demand and rising ......