Inheritance or redundancy package to your advantage

Inheritance

Although windfalls may be unexpected, if and when they happen, how do you make sure you make the most of them? And, when it comes to inheritance, how do you know if there are any special obligations or considerations that apply?

 

Common questions to consider

  • What are my options?
  • Do I have to pay tax on an item I inherit?
  • I inherited a house and I want to sell it. Do I have to pay Capital Gains Tax?

What to do next

If you want us to help you make the most of that windfall contact us today.

How we can help

If you have a sudden windfall like cash, property, shares or even a valuable item there may be financial implications. We can help you understand those implications and help you make the most of your windfall. We’ll also ensure you’re aware of any tax implications of your decisions.

  • Review and help you set goals and a realistic timeframe.
  • Identify your options if the windfall is cash and advise of tax considerations if the windfall is not cash.
  • Recommend a selection of investment options.
  • Advise you when you need to see an accountant or solicitor.

 

Redundancy

Where there were once jobs for life, it is quite a different picture today as current trends show that an average person will in fact face redundancy three times during their career. This can be a rather unsettling period as there are many factors to consider such as the loss of your job, the prospect of having to look for a job, ensuring your finances are met and the lump sum payout you will receive.

It may seem tempting at first to blow your payout on that big holiday you have always wanted to go to but what if you don’t have any income for a long period, will your finances still be met?

When you speak with us, we are able to help with the financial matters and maximise your redundancy payout so that you get the most out of it to ensure you can maintain your lifestyle. Although it can be an unsettling period knowing that you could be prepared today makes all the difference when it comes to managing your redundancy.

 

Common questions to consider

  • What are the elements of my redundancy payment?
  • What is considered an Employee Termination Payout (ETP)?
  • What tax concession do you receive on your ETP?
  • How is the ETP paid?
  • How do I make sure I get the most out of my payment?
  • What do I do with my super?
  • Can my employer reject my choice of super fund?
  • How often can I switch to another super fund?

How we can help

  • Advise if choice of superannuation fund laws affect you.
  • Review the performance of your current superannuation.
  • Make recommendations about your super arrangements, based on your goals and circumstances.
  • Recommend alternative fund providers – superannuation products.
  • Review any insurance opportunities including buying insurance through your superannuation fund.
 

What to do next

If you want us to help you review your options contact us today.

Call us today at (08) 8563 2874 or Email us at admin@barossafs.com.au

It’s about every-day people in our community with real-life worries and forward thinking.

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