Redundancy Payout?

I’ve recently received a redundancy, what should I do with my pay out, and how can I make the most of it?

Receiving a redundancy payout can be both overwhelming and an opportunity to reset financially. It’s important to understand how your payment is structured, what portion is tax-free, what is taxed concessionally, and whether any of it can be contributed to superannuation. If you don’t plan to return to work immediately, you’ll need to think carefully about how to stretch these funds, possibly setting up a short to medium term cash flow strategy. Depending on your age and total savings, making a personal contribution to super or using a recontribution strategy might help reduce long- term tax. Alternatively, you may want to invest some of the funds outside super to maintain access. Timing matters too, certain contributions have to be made within strict windows after the payout.