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Redundancy can be very stressful. Let us take care of the financial side of it for you.

Upon being made redundant, there are a number of important issues to consider.  In the short term, these include budgeting , determining the length of unemployment and consulting a financial advisor.  The most important thing to do is pay off any large debts, such as a mortgage or high interest credit cards.

There is a possibility of taking out your super but it’s important to be aware that restrictions do apply to taking your super out before retirement.  There are three categories of accessibility :

  • Preserved
  • Restricted non-preserved
  • Unrestricted non-preserved

Termination Pay

Check the National Employment Standard and the Fair Work Act to find out your rights and entitlements for redundancy pay Exemptions to entitlement

Employees are not entitled to a termination payment in the following circumstances:

  • Less than 12 months service with an employer
  • The employer has less than 15 staff
  • Employment is transferred to a different employer who recognizes employees length of service with previous employer
  • An offer of new employment with the same general terms and conditions, is turned down, where previous service would have been recognized by the new employer

To get more advice on redundancy or to talk to someone about any other financial matter, please contact Australian Accountants on 02 9415 1118  or  +61 2 9415 1118 from overseas.