I’ve just been made redundant

[apologeticsguy]

@davidhussy It might differ based on industry but the first 12k is tax free then you get 6k for every year of employment so close to 28-30k will be tax free in your case. Non ETP pay(annual leave) will be taxed at 32% (30+ 2% for medicare)

 

[questioner402]

@davidhussy Under 3yrs & a discretionary 11weeks over mandatory…

May not feel like it right now but, lucky you / fingers crossed you can line up another role quickly.

 

[kajun2]

@davidhussy I don't have a definite dollar value answer. But, I just wanted to say that sucks, and I hope you get something to move to quickly.

 

[davidhussy]

@kajun2 Thanks mate. It’s ok, I’m in a privileged position where even with this setback I’m not going to go hungry.
Nobody wants to not be not wanted/needed but all in all I’m extremely lucky to be where I am.

 

[kethi]

@davidhussy OP, time to use up your remaining sick leave. This is a stressful situation so any GP should be able to write up a stress leave note for a few weeks.

 

[victoriousinchrist]

@kethi This never leave a job without burning all ur sick leave.. whether you’re legitimately sick or not !

 

[resjudicata]

@davidhussy I’m not sure if there are different rules in different states, but in WA you would only get paid out LSL if you’ve been employed for 7+ years

 

[mj1999]

@davidhussy I’ve replied elsewhere in this thread but chin up mate. I also just got made redundant and I wish I got 11 weeks above statutory.

 

[meleas]

@davidhussy Sorry to hear mate. If this is the company I think it is, they communicated it terribly. I feel for your US colleagues too, with their non-existent employee protections laws that we're lucky to have. Hundreds of them got an email saying their role no longer exists, followed by having their system access removed minutes later and being out on their arse.

Other comments here have largely covered your questions re tax and whatnot. I'm sure this has probably already been explained by your HR rep or your notice, but expect that the 11 weeks discretionary, or at least a portion thereof, will likely be contingent on signing a confidential agreement. Read it carefully.

 

[davidhussy]

@meleas I’m not sure it is the same company. I believe US workers were given pretty good terms too.

The funniest part was one of the leadership team was telling about how hurt he is and how he understands how we feel, while he’s on the call sitting in his mansion with a G-Wagon out the window.

 

[resjudicata]

@davidhussy There is nothing wrong to have accumulated wealth through the years. Doesn't mean that he is a bad person.

 

[rnsawant999]

@davidhussy Lol. I was in that call and had the same thought. So senseless.

Solidarity brother. FYI I’m also on your journey.

 

[linda555]

@davidhussy Are you stating "annual leave" or LSL. 3 years won't get you long service.

 

[shashankkabra]

@davidhussy So 17 weeks for redundancy?

$1,090 of that will be taxed at 32% = $349.

Reminder is tax free. Link here, refer table 20: https://www.ato.gov.au/tax-rates-an...nd-thresholds/employment-termination-payments

Net payment for redundancy payment only = (($95,000 / 52) x 17) - $349 = $30,708

Your annual leave will be taxed at 32%. Above figure doesn't include the leaves payout.

You haven't worked there long enough to get any long service leave.

 

[shashankkabra]

The additional amounts are apart of your redundancy. It's a golden handshake. Link here: https://www.ato.gov.au/individuals-...employee/leaving-your-job/redundancy-payments

 

[davidhussy]

@shashankkabra Hopefully that is the case. I’ll chat to HR today to get the exact figure

 

[shashankkabra]

@davidhussy No worries.

 

[curiouscallie]

@davidhussy So, I've made a few assumptions (ie, that you're under the preservation age and that you're not over 65). Also it appears you are a 38 hour per week employee.

Gross Payments

AL Gross: $1,971.15, AL Tax: $631 (tax@32%) Net AL: $1,340.15

ETP & Lump Sum D

6 week redundancy $10,961.54

11 week discretionary redundancy $20,096.15

In Lieu of Notice until the 22nd March $9,134.62

Total : $40,192.31

Now, on the $40,192.31, $23,973 will be tax free.

On the remaining $16,219.31, you will pay 32% Tax ($5,190).

Soooo, in summary your total payments will be:

Gross: $42,163.46

Tax: $5,821

Net: $36,342.46

Super: $1,004.81

Can provide you with a spreadsheet if you want on how I've calculated it

 

[davidhussy]

@curiouscallie I didn’t see this. Thank you so much for calculating this. This is a similar figure to what I came to, so I’m thinking you’re on the money.

 

[derpman]

@davidhussy You will get a good tax benefit (I think it’s around 10% or none). The company has been good to pay you a redundancy package of 17 weeks.

All the best for the next gig.