Redundancy and tax implications

[Guest kellyp]

Hi

 

Anyone had any experience with redundancy and how a payout affects tax at the end of the financial year? Any help appreciated.

 

Kelly

[Diane]

I'll let you know when OH has his tax done!

[Guest kellyp]

Thanks for that. Been trying to do mine on-line but things just don't seem to add up. Seems the tax free part might not be tax free after all!!!

 

Kelly

[Guest Chelseadownunder]

Hi Kelly,

One point that may be of assistance to you. I have had clients put some/all of a redunadancy into superannuation (Pension) to save alot of tax. This may not be possible in your circumstance but its a good point to make on this site. Before you take a redundancy payment though you pay packet look at the super option because once its gone through the pay packet you may have lost out on a very good potential tax saving. I cannot put this on the site as an individual recommendation, but if anyone wants more info please PM me. Alternatively talk to your personal financial planner if you have one. Hope this helps. Steve