A redundancy or career change brings decisions that need to be made quickly — often at a time when you're least equipped to make them well. Clear advice early can protect what you've built.
Redundancy is one of those events that feels purely emotional but is intensely financial at the same time. In the days and weeks that follow, you'll face decisions about your payout, your superannuation, your insurance, and your income that can have lasting consequences — good or bad — depending on the choices you make.
Geoff works with clients who are facing redundancy, choosing to change careers, or dealing with the financial fallout of unexpected job loss. The goal is always the same: make the most of the transition and protect what you've already built.
Not all redundancy payments are treated the same under Australian tax law. Genuine redundancy payments receive concessional tax treatment up to a threshold that depends on your years of service. Amounts above the threshold are taxed differently, and the way your payout is structured matters.
Before you accept a payout or sign anything, it's worth understanding exactly what you're receiving and whether there's any flexibility in how it's structured.
When you're not working, your employer isn't contributing to your super. That gap — even a few months — compounds over time. Depending on your situation, it may make sense to make voluntary contributions during any period between jobs to keep your retirement savings on track.
There may also be opportunities to consolidate super funds, review your investment options, or make tax-advantaged contributions if you've received a lump sum payout.
Many people carry income protection, life, and TPD insurance through their superannuation fund. What they don't realise is that if their super account becomes inactive — which can happen quickly when contributions stop — their insurance cover may lapse automatically.
We help you identify any insurance at risk during a career gap and take steps to preserve it, or put alternative cover in place if needed.
A career change or redundancy can also be an opportunity. It's a natural moment to review your overall financial plan, reassess your goals, and potentially restructure things in a way that serves you better going forward. With the right advice, what feels like a setback can become a turning point.
Talk to GeoffA straightforward conversation with Geoff could give you more clarity than years of going it alone. There's no obligation — just honest, practical advice from someone who's been doing this for over two decades.
