If you have received a redundancy and are near or at retirement age, seeking professional financial advice should be a priority as there are potential opportunities such as using unused carried-forward superannuation contribution caps.
Some components of a redundancy payment may increase your taxable income for the financial year, and depending on your personal situation, a Financial Adviser can help to strategize and reduce your taxation by using common strategies involving superannuation.
It is important to approach contributions to superannuation carefully, and with the help of a Financial Adviser they can carefully plan and implement these strategies. In the event of receiving a redundancy, the earlier you seek advice the higher likelihood of being able to reduce the taxation by completing the required implementation before 30 June.
A Financial Adviser can help you understand how to make the most of your payout, including how to optimize your superannuation contributions and utilise any unused caps from previous years.
By carefully planning and implementing these strategies, you can minimise your tax and improve your long-term financial position.
In summary, a redundancy can be a stressful and uncertain time, but seeking professional financial advice can help ensure that you are making the most of your payout and setting yourself up for long-term financial success.
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