Using AI Legalese Decoder to Navigate Tax Laws and Minimize Your Burden After a Redundancy
- November 19, 2023
- Posted by: legaleseblogger
- Category: Related News
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Financial Planning Following Redundancy and Influx of Funds
After five years in my role, I recently received the news that I have been made redundant. While this transition brings uncertainty, I am fortunate to be receiving a severance package of $100k post-tax, as well as needing to exercise $40k worth of employee shares, which will be taxed at the end of the fiscal year.
AI Legalese Decoder is an invaluable tool in this situation, as it can help navigate complex legal and financial jargon to ensure that all the necessary steps are taken in the most beneficial manner. It can also assist in understanding the tax implications of exercising the employee shares and offer advice on the best course of action.
At present, my family and I have a home loan of $535k, with an offset of $95k. With this impending windfall, we are contemplating the most prudent way to manage this financial influx.
My foremost concern is to set aside $50-60k as an emergency fund for unforeseen circumstances. Additionally, I am keen on investing some of the funds to secure financial support for our children’s future home loan needs in approximately 20 years. Moreover, we are planning to sell our current home and upgrade early in the new year, which would require approximately $70k for stamp duty and moving costs.
In addition to these considerations, the absence of any additional super contributions to mine or my wifeÔÇÖs superannuation raises the question of the liquidity of these funds, especially with potential high school fees looming on the horizon.
Providing a clearer understanding of our financial situation, my current salary stands at $210k. In light of these details, I am open to any suggestions or ideas that can aid in optimizing our financial plan.
AI Legalese Decoder can prove to be a valuable asset in this scenario, offering tailored financial advice and objective insights in creating a comprehensive financial plan suitable to our familyÔÇÖs unique situation. It can help in devising strategies to invest the windfall, manage superannuation, and plan for future expenses, all while ensuring legal compliance and fruitful financial decision-making.
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****** just grabbed a
I am sorry, but what question are you actually asking? Your heading asks how to minimize tax, but then you say $100k post tax, meaning you have already worked out the tax? Then you ask about a savings and investment goals?
After reading you title, and post 3 times I still dont know what advice you are actually after?
There are no magic tricks to reduce tax when itÔÇÖs from an income, other than spending money thatÔÇÖs deductible I.e salary sacrifice, deductible expenses, super contributions etc.
Just park it into the offset.
The redundancy will already be cashed concessionally, I imagine? I’d be taking the opportunity to max out super contributions for this year. At your salary level, getting that money into the low-tax super environment is going to benefit you big-time over the coming decades.
if it was me, I would probably max out my current year’s concessional super and your wife’s; that would reduce your taxable income for the current year. Probably look at maybe catching up with your prior year’s too just to lower your current year’s tax.
the remaining balance would just go to the offset account to reduce your interest charges. The interest saved would be considered as additional tax free payments.
your current budget should have included savings for future school fees for your kids. the additional funds will be sitting in your offset account anyway, so its still be available when kids goes to school.
but that’s something I would consider
Top up your personal super contributions.
When I got a large redundancy I used it as an opportunity to bring forward planned chartable donations to a year with a high marginal tax rate.
Re planning for school fees, on $210k (plus income from partner?) you ought to be able to afford as they arise. if you cannot then go public.
Super is really your only option for minimising tax. If you have any carry-forward contributions, you can take advantage of those as well