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Talk to a planner about... Changing Jobs

Employees tend to be far more mobile than in the past and it is quite normal for people to have a number of different jobs through their career or working life.

Changing jobs often brings with it a number of decisions, particularly in regards to superannuation or severance payments.

People who change jobs regularly often wind up with a number of small superannuation funds and in the worst case these may become "lost". We often help superannuation members to consolidate these small funds so that they have their super rolled together into one fund which they can then easily keep track of in the future.

For some employees another issue to contend with on changing jobs is how to deal with severance payments. These may comprise a redundancy component and annual and long service leave.

In some case the rules are very complex and employees are well advised to seek expert advice as to the best way of dealing with these payments. It may be that the money is destined to be used to pay off the home mortgage. However, it may be far more tax effective to pay off the mortgage in a different way rather than taking a lump sum payment from the employer. It is often better to pause and consider the options and consequences before making the decision.

There are also a number of issues to be dealt with if the job change entails the establishment of a new business. Our association with several accounting practices enables us to provide comprehensive advice for clients who are going into business. We can help clients with the formalities that are necessary both from an accounting and financial planning perspective.

If you would like to discuss issues relating to changing jobs on 08 8333 2488 or via email.