Redundancy
Redundancy can affect anyone from the chairman to the trainee. In this situation, there are many things to consider.
It is important to understand how you can manage a redundancy payment so you can make the most of it.
Money to live on
You need to assess how much money you require to live on and how much you will be able to put aside from your payout.
Reducing the tax on your payout
Part of your payout may be tax-free. There are also ways to reduce the tax you pay on the taxable component. Some components of a redundancy must be taken as a cash payment while others may be able to be rolled over into super, which may be more tax effective.
