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There are a number of things to consider:

Money to live on

You need to assess how much money you need 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 may also ways to reduce the tax you pay on the taxable component of your payment.
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.

Government Support

You may be eligible for some Government support following a redundancy. The structure of your assets and income may increase your eligibility for Government support.

Make sure you get the right advice so that your payout provides long term benefits, for example you may choose to reduce your mortgage or invest it for the long term in growth assets such as shares or make a contribution to your super.

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Important information:
The information presented on this webpage is of a general nature and is not intended to be relied upon as a substitute for financial advice. IMB Financial Planning has not taken into consideration your individual circumstances, objective or needs. It is important for you to consider these matters and read any applicable terms and conditions or PDS before making an investment decision. Copies of these documents can be obtained from IMB Financial Planning Ltd by calling 02) 42 62 9050. ABN 23 094 730 195 AFS Licence No. 234660

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Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 140 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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