Redundancy Planning

In an era of lower job security, genuine redundancy for you, and the receipt of lump payment is an increasingly topical subject.

What is genuine redundancy?

A genuine redundancy payment is one ‘received by an employee who is dismissed from employment because the employee’s position is genuinely redundant’ (s83-175 of the Income Tax Assessment Act 1997)

A dismissal is a case of genuine redundancy when:

  • The employer no longer requires the person’s job to be performed by anyone because of changes in the operational requirements of the employer’s enterprise, AND
  • The employer has complied with any obligation imposed by an applicable modern award or enterprise agreement to consult about the redundancy.

How can we help with Redundancy Planning?

Unless you are retiring, your payout will have to last you until you get another job, and this may take longer than you think. And more often than not, people experiencing redundancy battle with financial stress, family pressures and fear of the unknown and planning after redundancy is too late.

Our Financial Advisers can assist you with planning for the worst-case scenario of a redundancy, from helping you create an emergency budget, managing a possible large payout, planning to continue to contributing to your superannuation, reviewing any possible insurance options and more.

Talk to us about how we can help you plan ahead and create a redundancy strategy today.

Get a Quote!

Obtain a quote by completing our quick online form or call 1800 262 346

1800 AMA FIN (1800 262 346) or (08)9273 3077 insurance@amainsurance.com.au