Understanding retrenchment and redundancy and the financial implications has become more relevant than ever before.
Redundancy generally makes for a stressful time where important lifestyle and financial decisions need to be made. Fully understanding the financial implications of redundancy, such as tax consequences and changes to social welfare entitlements can be a complicated process.
To ensure a favourable outcome from your redundancy package, it’s essential to adopt strategies advantageous to your individual circumstances. Tax, for instance is a complicated area given each component of the redundancy is taxed differently and therefore careful consideration needs to be applied to individual circumstances.
A Capstone Adviser can be your best port of call to guide you through these strategies. The difference between no advice and good advice may be the difference in how well you manage the redundancy process.
Solid strategies enable you to manage the debt, superannuation, insurance and tax implications of redundancy appropriately.