Redundancy Assistance - Mine Wealth + Wellbeing Financial Advice
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Mine Wealth + Wellbeing Financial Advice Redundancy Assistance
grow through life
Use this workbook to:
++know your rights
++find financial and emotional help
++consider your options for what
to do with your redundancy payment
++work out a budget to get you through
++get tips when applying for a new job
At Mine Wealth + Wellbeing This guide will help you work through some
of the things you should think about.
Financial Advice, we understand
Have you also thought about getting some
redundancy and that it can be financial advice?
overwhelming trying to make Did you know that Mine Wealth + Wellbeing
sense of your finances along with Financial Advice can provide you with advice
the stress of being out of work. about redundancy?
Mine Wealth + Wellbeing Financial Advice
specialises in superannuation and retirement
planning, wealth creation, tax minimisation,
estate planning and personal insurance,
and can advise you on the best way to deal
with your redundancy payment.
++ 3Key Contacts Find out more about your rights, conditions and entitlements in the workplace Fair Work Ombudsman at www.fairwork.gov.au or call 13 13 94. If you’re a union member and want advice or representation Unions Australia at www.unionsaustralia.com.au or call 1300 486 466. Find out what government assistance and family tax benefits you may be entitled to Centrelink at www.humanservices.gov.au or call 13 23 00 for information about financial issues or 136 150 to enquire about family tax benefits. Book in for free financial seminars and discuss your eligibility for benefits Go to www.humanservices.gov.au/customer/ services/centrelink/financial-information- service or call Centrelink’s Financial Information Service (FIS) on 13 23 00 or call 13 63 57 for seminar bookings. Find out how to upgrade your skills or retrain for a new job Department of Employment at www.employment.gov.au or call 1300 488 064. If you’re interested in starting your own business Business Enterprise Centres (BEC) Australia at www.becaustralia.org.au To find advertised job positions Australian JobSearch at www.jobsearch.gov.au or call 13 62 68. ++ 4
Contents
Use this workbook to:................................................................................. 3
When I was made redundant..................................................................... 6
What is redundancy and what are my rights?........................................... 7
How much redundancy pay am I entitled to?............................................ 8
How will my redundancy payment be taxed?............................................ 9
Where will your next ‘pay cheque’ come from?.......................................10
What happens to my death and disablement and
income protection insurance if I’m made redundant?............................12
Social security............................................................................................14
What should I do with my redundancy payment?....................................15
Budgeting while between jobs..................................................................16
Tips on finding a new job.......................................................................... 20
Coping emotionally after redundancy..................................................... 22
Getting financial advice............................................................................ 26
++ 5When I was made redundant
I parked up the rear dump and The redundancy payment was a fair amount,
but I didn’t understand the tax and I certainly
killed the engine. It was the end didn’t know what we needed to do. Should we
of a long grueling 12 hour day and pay off some of the mortgage? Will I be able to
the end of my shift. I was looking get any Centrelink benefits? Should I put the
forward to getting home to see money in the bank and use it to cover my costs
until I get a new job?
my wife and kids after being away
It was my wife who suggested I call Mine Wealth +
all week.
Wellbeing. She’d read some of the stuff my super
As I walked over to the crib room, my supervisor fund sends me and said they’ve got a financial
called me over to his office and told me to sit advice service attached to the fund called Mine
down. ‘Mate, I guess you’ve noticed the Wealth + Wellbeing Financial Advice. We gave
contractors have been put off. Well, the mine just them a call and got in to see an adviser. That was
isn’t making money at the moment and I’m afraid probably the smartest thing we did!
they’re also starting to lay off the permanents.’ The adviser sat down with us and went through
I felt like somebody just punched me in the guts. our assets and debts, helped us work out a
You didn’t have to be a rocket scientist to know budget then laid out a basic plan to see us
what was going to happen next. through until I could find a new job. He explained
‘I’m not real happy about it, but they’re how Centrelink works and what I would get
mothballing the entire crew and I have to let all once I qualified for the Newstart Allowance.
you blokes go. The company wants you to finish He even talked to us about managing the
up at the end of your next shift. There’ll be a emotional stuff. He told us how redundancies are
redundancy payment. The details are in this one of the most stressful experiences couples
envelope. I’m sorry, but there’s just nothing I have to go through and it can cause marriage
can do about it.’ problems, depression and all sorts of issues.
He then told us where to go to get help if we went
I didn’t even open the envelope. I just put it on the
through any of these things.
front seat of my car and drove home. I was
completely numb. I never imagined I’d lose my As it turned out, it took me about six months
job. I’ve been a good worker, hardly taken a sick before I got another job back in the mines. Going
day, always done whatever I’ve been told to do. to see Mine Wealth + Wellbeing Financial Advice
Why me? I’ve got a mortgage, kids at school and was a smart move. With their help we kept our
my wife only works part-time. There are lots of standard of living up, didn’t fall behind on our
other blokes at the pit who are just about ready to mortgage and managed to pay our bills. It was
retire. Why not give them the redundancy? such a relief to have money sorted and just focus
on getting another job.
When I got home I sat down with my wife and told
her the news. She cried and that only made it
seem worse. We just didn’t see it coming. What
are we going to do? How would we pay the bills?
++ 6What is redundancy
and what are my rights?
Redundancy happens when, If you’re employed under the Black Coal
Mining Award or the National Employment
through no fault of your own, Standards the notice periods in this document
an employer no longer requires the are the standard entitlements and you might
job to be done by anyone or when be entitled to either a shorter or longer notice
an employer becomes insolvent period under an enterprise agreement or your
employment contract.
or bankrupt.
Is this a ‘genuine redundancy’?
Why is my job being made redundant? Under Commonwealth Workplace Relations law,
a person’s dismissal is a ‘genuine redundancy’
A redundancy happens when: if the employer:
++ the job you’ve been doing is replaced by new ++ no longer needs the person’s job to be done by
technology anyone because of changes in the business’s
++ business slows down due to lower sales or operational requirements, and
production ++ followed any consultation requirement
++ the business relocates with their employees or relevant union in a
++ a merger or takeover happens modern award, enterprise agreement or your
++ the business restructures or reorganises. employment contract that applies to implement
Minimum period of notice a redundancy.
If you’re employed at a black coal mine site,
the Black Coal Mining Award (2010) states that
if you’re made redundant, you’re entitled to a
minimum four weeks notice.
If you’re not employed at a black coal mine site,
according to the National Employment Standards
the minimum notice period your employer should
provide depends on how long you’ve continuously
worked for them. See the table below.
Period of Minimum notice
continuous service period
Up to 1 year 1 week
1-3 years 2 weeks
3-5 years 3 weeks
More than 5 years 4 weeks
If you’re over age 45 with a minimum of two years
continuous service your employer must provide an
additional week of notice.
++ 7How much redundancy pay
am I entitled to?
Your redundancy payment will Exercise 1: How much am I entitled to?
generally consist of outstanding For those under the National Employment
wages, unused annual and long Standards, use the table below to work out your
severance pay.
service leave and severance pay.
Employee’s period of Redundancy pay period
If you’re employed directly at a black coal mine continuous service with the based on ordinary time
site, the Black Coal Mining Industry Award (2010) employer on termination rate of pay
states you’re entitled to severance pay equal to but less
At least
one ordinary week’s pay for each completed year than
of employment. You’re also entitled to 1 year 2 years 4 weeks
retrenchment pay equal to two ordinary weeks’ 2 years 3 years 6 weeks
pay for each completed year of employment. 3 years 4 years 7 weeks
This makes a total of three ordinary weeks’ 4 years 5 years 8 weeks
pay for each completed year of employment. 5 years 6 years 10 weeks
Some black coal mine sites have individual 6 years 7 years 11 weeks
enterprise agreements and you might be entitled 7 years 8 years 13 weeks
to severance and retrenchment pay that differs 8 years 9 years 14 weeks
from the above standard industry awards. 9 years 10 years 16 weeks
However, if you don’t work at a black coal mine 10 years 12 weeks*
site, the amount of severance pay is determined
by the National Employment Standards and is
based on your continuous years of service and What if you don’t receive your entitlements?
your ‘base rate of pay’. If your employer finds you other acceptable
employment or can’t afford your redundancy
Your base rate of pay payment, they can apply to the Fair Work
This is the rate of pay for your ordinary hours of Commission for a determination to reduce the
work, but not including: amount they need to pay. This could be reduced to
++ incentive-based payments and bonuses a specified amount or nil. If this happens, you may
be able to get financial help from the
++ loadings
government’s Fair Entitlements Guarantee.
++ monetary allowances
See page 11 for more information.
++ overtime or penalty rates
++ any other separately identifiable amounts. Handy tip!
Keep in mind that your redundancy payment could
affect your eligibility for the private health insurance
rebate or your exemption from the Medicare Levy
Surcharge. It may also affect your Family Tax Benefits,
Child Care Benefit or School Kids Bonus.
* Long Service Leave entitlements provide the rationale for
reducing the redundancy pay entitlement for employees
who have a period of 10 years’ continuous service or
greater.
++ 8How will my redundancy
payment be taxed?
Redundancy payouts aren’t taxed Contact a Mine Wealth + Wellbeing financial
adviser or your accountant as tax can be complex
like regular income. You’ll receive and it’s best to get professional assistance on
a tax break because this money these matters.
has to support you and your family
until you find a new job. Tax-free amount
Should you receive a genuine redundancy and The maximum tax-free redundancy payment you
you’re under age 65, you’re entitled to a tax-free can receive in the 2015-16 financial year is $9,780,
portion as part of any redundancy payment plus $4,891 for each completed year of service.
received. Redundancies for those age 65 and over These amounts are increased on 1 July each year.
are not entitled to this tax free portion.
Exercise 2: What’s your tax-free amount?
Here’s how to work out your tax-free amount: (Years of service x $4,891) + $9,780 = tax-free amount.
Step 1: How many years have you worked for your employer?
x $4,891 = $
Step 2: Take the figure from step 1 and add $9,780
+ $9,780 = $
This result is your tax-free amount.
How the rest of your redundancy However, an ETP doesn’t include:
payment is taxed ++ payments for unused annual leave or leave loading
++ payments for unused long service leave
The rest of your redundancy payment is taxed as
entitlements.
an Employment Termination Payment, or ETP. You
may need to pay tax on this amount. Amounts up to Amounts over
Your age at $195,000* or $195,000* or
An ETP can be made up of the redundancy end of whole of whole of
payments that are in excess of the tax-free limits. financial year income cap of income cap
This includes: $180,000 of $180,000
++ payment in lieu of notice Under Up to 32%, Up to 49%,
++ compensation for loss of employment preservation including including
age Medicare Levy Medicare Levy
++ unused rostered days off
++ unused sick leave Over Up to 17%, Up to 49%,
++ and of course, the redundancy payment amount. preservation including including
age Medicare Levy Medicare Levy
Date of birth Preservation age In addition, a ‘whole-of-income’ cap may apply to
Before 1 July 1960 55 these payments and this could result in you
1 July 1960 – 30 June 1961 56 paying a higher rate of tax. It’s therefore advised
1 July 1961 – 30 June 1962 57
that you seek financial advice in most instances,
in particular for those individuals who have a
1 July 1962 – 30 June 1963 58
substantial amount of long service leave, annual
1 July 1963 – 30 June 1964 59
leave and/or sick leave.
After 30 June 1964 60 * For the 2015-16 financial year.
++ 9Where will your next
‘pay cheque’ come from?
There’s assistance available to Exercise 3: Your financial support
help you take control of your resources
finances and reduce some of the Answer the questions below to see where you
pressure and stress. might need financial help and where to find it.
What financial help is List the financial help you can think of
available or is there ....................................................................................................................................
someone who can help me
find out what help I can ....................................................................................................................................
get? If you can’t think of any, read the rest of this section for possible options.
How will redundancy
I’ll be fine, we have a safety net – review your budget so you stay on track.
change my financial
See page 17.
circumstances?
I need to look at my finances to get through this – Mine Wealth + Wellbeing Financial
Advice can provide financial advice to help you through this period. See below for
contact details.
I don’t know how I’ll manage, I need help – read the rest of this section for some of
your options. You may also want to seek financial advice. See below for contact details.
Have I got a realistic Yes. That’s great. Read the rest of this section to make sure you’ve covered all your
budget? options.
No – See page 17 to work through this.
Can I do this on my own or
do I need professional o this on my own. Read the section below and review your budget on page 17 to make
D
financial advice? sure you’ve covered everything.
Need advice but don’t know where to start. Mine Wealth + Wellbeing Financial Advice
can help. See below for contact details
How can Mine Wealth + Wellbeing Does anything change with my Mine Wealth +
Super help me? Wellbeing Super membership?
No. Once you’re an Mine Wealth + Wellbeing
Financial advice Super member you can stay with the fund for life.
Mine Wealth + Wellbeing Super members can get Even if you leave the coal industry, your future
financial advice from Mine Wealth + Wellbeing employer contributions can still be paid to your
Financial Advice about redundancy. Just call Mine Wealth + Wellbeing Super account. To find
13 MINE (13 64 63) for an appointment. See page out how to do this, go to www.mine.com.au/
26 for more information. take-us-to-a-new-job
Access your super
If you’re off work for an extended period of
time, are experiencing hardship and have
been receiving Centrelink entitlements for
26 weeks, you can apply to access some of your
super under ‘hardship’ provisions. To apply call
Mine Wealth + Wellbeing Super and ask for the
Apply for a financial hardship payment from
your super form.
++ 10Who else can help? Fair Entitlements Guarantee
If you’re owed certain employee entitlements
Your bank or credit union
after losing your job because your employer went
If you have loans, such as a mortgage, and tell
bankrupt or into liquidation, you may be able to
your bank or credit union that you’ve been
get financial help from the government’s Fair
retrenched, it’s likely they’ll have a policy about
Entitlements Guarantee. This is a legislative
helping customers facing financial hardship.
safety net scheme of last resort, with assistance
For example, making changes to your loan
available for:
repayments. You should also check if
redundancy insurance is attached to your loan. ++ up to 13 weeks of unpaid wages
++ unpaid annual leave and long service leave
If your bank or credit union isn’t being helpful,
you can raise this with their complaints area ++ up to five weeks unpaid payment in lieu of notice
or call the Financial Ombudsman Service on ++ up to four weeks unpaid redundancy
1300 780 808 or the Credit Ombudsman Service entitlement per full year of service.
on 1800 138 422. For more information call 1300 135 040 or to
Centrelink lodge a claim for assistance visit www.
employment.gov.au/feg It’s important to lodge
Income support
your claim form as soon as possible as strict time
Centrelink can pay you income support while
limits apply.
you’re looking for another job. Keep in mind
waiting periods usually apply before you can start Can I claim on my income protection
receiving payments. The length of the waiting insurance?
period usually depends on the number of weeks Unfortunately you can’t claim on income
your redundancy payment covers, so a 12 week protection insurance if you’re made redundant,
payment equals a 12 week waiting period. You as income protection only provides income
may also be subject to income and assets tests replacement if you’re sick or injured and off
for some benefits, such as Newstart Allowance. work for an extended period.
Job search help
Handy tip!
Centrelink can also help you find work via Job edundancy provides a good opportunity to review
R
Services Australia (JSA). Depending on your your total insurance needs, as your circumstances
circumstances, JSA can help with: could change dramatically. Mine Wealth + Wellbeing
Financial Advice can help work out what you need.
++ job search training and assistance, such as Just call 13 MINE (13 64 63) for an appointment.
resume preparation and advice on the best See page 26 for more information.
ways to look for work
++ access to telephones, computers, stationery Long-service leave
and employment vacancy listings
If you’re eligible and facing redundancy,
++ access to training, skills development and you might be able to use your accrued long
other assistance. service leave as another way of earning income
Talk to Centrelink on 136 150 or visit while between jobs.
www.humanservices.gov.au/customer/
For more information speak to your employer or,
subjects/retrenched-or-made-redundant
if you’re working in the black coal mining industry,
to find out more.
contact the Long Service Leave Corporation on
1300 852 625 or visit www.coallslcorp.com.au
++ 11What happens to my death and
disablement and income protection
insurance if I’m made redundant?
If you have death and disablement Can I keep my Mine Wealth + Wellbeing
and / or income protection Super Income Protection insurance if
insurance, it’s important you I’m made redundant?
understand what happens to Yes you can. Your Income Protection insurance
will stay in place for 12 months after you cease
this insurance when you’re
employment, as long as there’s enough money in
made redundant. your account to pay for this insurance.
This section only applies if you If you find another job within 12 months your cover
will continue and you should tell us your new job
have death and disablement and and salary. If we don’t know about your new job
income protection insurance (because you don’t tell us or your new employer
through your Mine Wealth + doesn’t send us contributions) your cover will stop
Wellbeing Super account. If you after 12 months of you finishing your previous job.
have this insurance elsewhere, If you find another job between 12 to 18 months,
your cover will be automatically reinstated if your
you should contact your insurer, new employer pays your super guarantee
as the rules can be different. amounts (i.e. the standard 9.5% super amount for
the 2015-16 financial year) into your Mine Wealth +
Wellbeing Super account. Your reinstated cover
will be based on your new salary. Please let us
know this amount so we can update your
information.
You should check if you get additional
Income Protection insurance with your
new job, as generally you can only claim
on one Income Protection policy at a time.
Before you cancel any insurance you should
compare the insurance terms.
Can I claim on my Mine Wealth +
Wellbeing Super Income Protection
insurance because I’ve been made
redundant?
No, unfortunately you can’t claim on Income
Protection insurance because you’re made
redundant. Income protection insurance only
replaces part of your pay if you become sick
or injured and can’t work, not if you’re not
working. However, if you’re made redundant
and then become sick or injured you’ll be able
to make a claim.
++ 12Am I covered under Mine Wealth + Do I have to do anything once I start
Wellbeing Super Income Protection working again?
insurance while I’m not working? The cost of your Mine Wealth + Wellbeing Super
Yes, but you’ll only be covered for the first 12 insurance is linked to the type of job you do. We
months you’re unemployed. Your cover will also call these ‘job classifications’. When you start a
remain current for as long as there’s enough new job with an employer who pays your super
money in your account to pay for your insurance. into your Mine Wealth + Wellbeing Super account,
you should tell us your new job so we can give you
the correct job classification and charge you the
Can I keep my death and disablement correct amount for your insurance.
insurance if I’m made redundant? If you start a new job with an employer who
Yes, you can keep your death and total and doesn’t pay your super into your Mine Wealth +
permanent disablement insurance and be Wellbeing Super account, you can keep your
covered even when you’re unemployed. Your Mine Wealth + Wellbeing Super insurance but
cover will remain current for as long as there’s you should check if you get the same type of
enough money in your account to pay for your insurance in your new job and consider if you
insurance. How you’re assessed for total and need both.
permanent disablement might change if you
For Income Protection insurance, it’s also
make a claim while you’re not working.
important that we have your new salary, as we
use this to calculate your cover amount. If you
For more information about when you’re eligible to
make a disablement claim, you should read our don’t tell us your salary, we’ll use a salary of
Product Disclosure Statement and Insurance Guide. $80,000 pa to calculate your cover. If you have
You can find both at www.mine.com.au/super-pds previously told us your salary under your old job,
we’ll continue to use that salary unless you tell us
your new salary or we’ve been authorised to
receive your salary from your new employer and
they provide it to us.
To tell us your job classification and salary,
fill in a Change my insurance form available in this
booklet. You can also use this form to change the
standard waiting and benefit periods on your income
protection insurance. If you need another copy of this
form, please go to www.mine.com.au/super-forms
++ 13Social security
When you’re made redundant and What happens if I spend all my money?
receive a redundancy payment If you spend your leave entitlements or
you won’t immediately be able termination payments on expenses that aren’t
considered ‘unavoidable or reasonable’,
to get social security payments. you’ll still have to serve the waiting period.
This means it’s important you These expenses might include lump sum
don’t spend your redundancy mortgage or rent payments or paying for
money too quickly and then not an overseas holiday.
have enough money to meet your If you have to spend money on expenses that
are considered ‘unavoidable or reasonable’,
living expenses. your waiting period might be reduced. These
expenses might include essential repairs to a
Can I receive social security benefits car or home and essential medical expenses.
after I’m made redundant?
A redundancy payment is designed to provide you Are there any exemptions to the above
with enough money to cover your cost of living for waiting periods?
a period of time after you stop working. If you Yes. If you can demonstrate that you’re in severe
receive a redundancy payment you might have to financial hardship as a result of having to use
wait before you can get an income support your leave entitlements or termination payments
payment from Centrelink. This waiting period is to pay any unavoidable or reasonable costs,
usually the length of time the redundancy covers you might be eligible to have the waiting
and is known as the Income Maintenance Period. periods waived.
What is the Income Handy tip!
Maintenance Period? For more information about social security and
Centrelink payments, go to the Department of Human
The Income Maintenance Period is the period of Services website www.humanservices.gov.au
time the leave and redundancy payments you or
your partner has received are treated as income.
Source: Department of Human Services
For example, a 10 week redundancy payment is
likely to result in a 10 week Income Maintenance
Period from the date you received your
redundancy payment.
How long do I have to wait to submit
my application to receive income
support payments?
You should submit your application straight away.
If you don’t, it could mean you’ll have to wait
longer than necessary to receive your payments.
++ 14What should I do with my
redundancy payment?
There are no rules about what to What if I don’t want to go back to work?
do with your redundancy payment, If you’re close to retirement age and have
but remember that unless you enough super savings, you could consider
early retirement.
already have another job lined up,
If you’re 60 or over there’s generally no tax
you should view your payment as a payable on lump sum withdrawals from your
funding base for maintaining your super. If you’re under 60, you may need to pay
lifestyle while you’re looking for a some tax.
new job, not a financial windfall. Withdrawal tax on super
With such a large amount of money sitting in Your super is divided into a tax free component,
your bank account, it can be easy to spend too which mainly consists of any after-tax
much. If it runs out before you’re able to find a contributions you’ve made, and a taxable
new job, you might need to tighten your budget component, which is the rest of your account.
more than expected. The table below shows what tax applies to your
circumstances.
Also, keep in mind that while paying off some
debt or topping up your super can be great uses Tax-free
Your age Taxable component
for your redundancy payment, it’s important to component
have a plan for what you may do if it takes longer 0%. You don’t
Age 60 and need to include
than you expect to find a new job. If you put your over this in your tax
0%
money where you can’t access it in the future, return.
you won’t have any options if you run out of
disposable income. 0% up to $195,000
for 2015-16 then 0%, including
At or above
17% including any benefit
Some options for your preservation
age and
Medicare levy on withdrawn
redundancy payment under age 60
withdrawals
above the
due to terminal
illness.
What you do with your redundancy payment threshold.
depends on your personal circumstances, but
22% including 0%, including
some possible uses include: Under Medicare Levy. any benefit
++ Maintain your existing lifestyle or continue to preservation There’s no withdrawn
age tax-free due to terminal
provide for your family and pay your rent or
threshold. illness.
mortgage while you’re out of work.
++ Pay off some debt, but ensure you can take Get financial advice!
some money back if you need to. For instance, You’re likely to have a lot of questions about
if you put money into your mortgage, make sure redundancy and what it means for your financial
your account has redraw facilities. and lifestyle plans. Speaking to a financial adviser
++ If you’re over preservation age (see page 9) can help you make major financial decisions.
you can put money into super and open a pre- See page 26 for more information.
retirement pension to draw down a regular
income. Once you return to work you can make
additional before-tax contributions to your
super and save tax, while continuing to top up
your income using your pension.
++ If you’re close to retirement and have enough
super savings, you could consider early
retirement.
++ 15Budgeting while between jobs
Keeping a budget is a great way to
Handy tip!
stay in control of your spending so ake sure your insurance policies, such as total and
M
you don’t run out of money before permanent disablement (TPD), death and terminal
illness (DTI), income protection, home and contents and
you find a new job. health cover, are paid up. While some people may
consider insurance cover as discretionary, it’s essential
for your financial protection.
A budget can help you: Also, if your TPD, DTI and income protection insurance
premiums are being paid from your super, you can
++ find areas where you can reduce your spending,
continue paying premiums even without a regular
such as pay TV or magazine subscriptions. income. If you do decide to cancel this insurance, getting
Discretionary expenses can add up, so it back later may be hard, as you may need to undergo
reviewing them can make a big difference extensive health checks and if you experience health
issues, you may no longer be eligible.
++ keep your eye on your spending, so if you’re
Before making a decision about your insurance
running out of money you can take action cover, we strongly recommend speaking to a
early. It can be easy to spend your redundancy financial adviser.
payment too quickly!
++ 16Exercise 4: Making your budget If you’d prefer to do this online, log in to The Gym
with your Mine Wealth + Wellbeing Super Member
Use the worksheet below to get a clear Number and password at www.mine.com.au,
picture of your regular expenses. where you’ll find an excellent budget planner that
In the first column, ‘Current expenses’ write down you can save and update.
the amount you spend each month (or any other
timeframe, as long as you’re consistent) on each
item. In the second column, ‘New budget’, think
about where you could cut your spending until
you’re back at work.
Current expenses New budget
General expenses
Rent or mortgage $ Rent or mortgage $
Repairs $ Repairs $
Gas $ Gas $
Electricity $ Electricity $
Water $ Water $
Telephone/mobile $ Telephone/ mobile $
Rates $ Rates $
Body corporate fees $ Body corporate fees $
Pay TV $ Pay TV $
Furniture $ Furniture $
Appliances $ Appliances $
Gardening $ Gardening $
Groceries $ Groceries $
Pest control $ Pest control $
Internet $ Internet $
Computer games/software $ Computer games/software $
Printer cartridges/refills $ Printer cartridges/refills $
Other $ Other $
Subtotal $ Subtotal $
Education expenses
School fees $ School fees $
University or TAFE fees $ University or TAFE fees $
Tuition $ Tuition $
Books and uniforms $ Books and uniforms $
Camps/excursions $ Camps/excursions $
Music/dance lessons $ Music/dance lessons $
Other $ Other $
Subtotal $ Subtotal $
Personal expenses
Clothes and shoes $ Clothes and shoes $
Hair and beauty $ Hair and beauty $
Laundry/dry cleaning $ Laundry/dry cleaning $
Other $ Other $
Subtotal $ Subtotal $
++ 17Exercise 4: Making your budget Continued
Current expenses New budget
Debt expenses
Mortgage $ Mortgage $
Car loan $ Car loan $
Credit cards $ Credit cards $
Personal loans $ Personal loans $
Store cards $ Store cards $
Lay-bys $ Lay-bys $
Other $ Other $
Subtotal $ Subtotal $
Savings
Super contributions $ Super contributions $
Regular savings $ Regular savings $
Regular investments $ Regular investments $
Other $ Other $
Subtotal $ Subtotal $
Insurance
Home and contents $ Home and contents $
Car $ Car $
Health $ Health $
Income protection $ Income protection $
Total and permanent disability $ Total and permanent disability $
Death and terminal illness $ Death and terminal illness $
Trauma $ Trauma $
Other $ Other $
Subtotal $ Subtotal $
Medical expenses
Doctor $ Doctor $
Medicines $ Medicines $
Dentist $ Dentist $
Eye care $ Eye care $
Tests/pathology $ Tests/pathology $
Chiropractor $ Chiropractor $
Physio $ Physio $
Other $ Other $
Subtotal $ Subtotal $
Transport expenses
Car registration $ Car registration $
Parking $ Parking $
Fuel $ Fuel $
Repairs/maintenance $ Repairs/maintenance $
Public transport $ Public transport $
Motorist association $ Motorist association $
Tollways $ Tollways $
Other $ Other $
Subtotal $ Subtotal $
++ 18Exercise 4: Making your budget Continued
Current expenses New budget
Holidays
Weekends away $ Weekends away $
Short holidays $ Short holidays $
Annual holidays $ Annual holidays $
Pet expenses $ Pet expenses $
Other $ Other $
Subtotal $ Subtotal $
Other expenses
Childcare $ Childcare $
Child support payments $ Child support payments $
Gifts $ Gifts $
Donations $ Donations $
Hobbies and sports $ Hobbies and sports $
Subscriptions $ Subscriptions $
Movies and DVDs $ Movies and DVDs $
Restaurants and take away $ Restaurants and take away $
Alcohol and cigarettes $ Alcohol and cigarettes $
Pet food $ Pet food $
Other pet costs $ Other pet costs $
Birthday parties $ Birthday parties $
Sporting activities $ Sporting activities $
Books $ Books $
Music $ Music $
Memberships $ Memberships $
Cinema and concerts $ Cinema and concerts $
Other $ Other $
Subtotal $ Subtotal $
Total current expenses $ New monthly budget $
Handy tip!
To create a sense of stability between jobs, consider setting up your own pay system by depositing your redundancy pay
into a high-interest online account and arranging for regular amounts to be automatically transferred into a different
account you access for living expenses. This can help with budgeting and create a sense of normality and regularity of
cash flow. For more tips about managing money, visit www.moneysmart.gov.au
++ 19Tips on finding a new job
It’s important to start your hunt for What to include in your cover letter
a new job as soon as possible. ++ In the first paragraph explain why you’re
writing to the employer, mentioning the
Below are some tips to help you position you’re applying for and where you
get back to work quickly. heard about it.
One thing to keep in mind when looking for a job is ++ In the next paragraph show that you’re suited
to use a number of different methods. For for the job. Summarise your qualifications,
instance, checking newspapers and online job skills, abilities and experience. Focus on what
sites and registering with a recruitment agency. the employer wants to know, not what you want
Also, as many jobs aren’t formally advertised, use from them.
any contacts you might have to widen your search. ++ Finally, tell them why you want to work for
their business and the type of person you are.
If your job’s been made redundant you could
Mention the personal qualities you think they’re
receive immediate access to free personalised
looking for.
employment services through Job Services
Australia. They have programs and services to ++ Make sure you include your contact details
help you connect with employment opportunities. and keep the letter to less than one page.
Visit www.employment.gov.au/job-services- Also mention any attachments, including your
australia-jsa or phone 13 62 68. resume and any work examples.
Job interview tips
Updating your resume Being prepared for your interview means
you’ll feel more confident. Some things you
Before you start job hunting, one of the first
can do include:
things to do is update your resume. Try to be as
brief as possible and use a simple and clear ++ practice answering common interview questions,
presentation. It’s wise to keep your resume under such as why you should be chosen for the job.
two pages and use sensible headings to divide up ++ spend time finding out about the job you’re
the content. applying for and the business to show you’re really
On the next page is a basic resume you can use interested.
as a template to create your own. ++ if you have gaps in your employment history,
mention any study, volunteer work or other
Applying for jobs activities you completed during this period.
When you find a job you’d like to apply for, ++ plan your trip to the interview so you know where
you’ll need to write a cover letter to send you’re going and how long it will take. Plan to
with your resume. arrive at least 10 minutes early.
Your cover letter should be carefully crafted to Once you’re at the interview, do your best to appear
grab the employer’s attention and quickly show calm, friendly and confident, even though you may
why you’re a candidate who has the skills and be nervous. If you’re asked a question you’re not
experience the business is after. sure about, ask for clarification to show you’re not
afraid to ask questions to get things right. If you’re
not sure of how to answer a question, taking a
Handy tip! moment to think about it is perfectly OK and shows
For more hints and tips visit www.jobaccess.gov.au
you don’t panic under pressure.
After the interview think about how you went and
think about how you could improve. Perhaps you
were asked a really tough question and want to have
an answer ready if you’re asked that question again.
++ 20Resume
John Smith
10 Anywhere Road
Suburb QLD 4000
M: 0401 123 456
E: myemail@internet.com.au
Career objective
I aim to secure a challenging role as a safety adviser in the mining industry where I can work in a team to implement
effective safety standards and company systems. I offer flexibility and commitment and can work various shifts, having
demonstrated a track record as a results-orientated, motivated leader with the ability to meet goals and objectives.
Education and training
2008 Certificate IV in Workplace Training and Assessment Mine Training Education, Australia | www.mte.edu.au
2003 Diploma of Occupational Health and Safety Institute of Technology | www.institutetech.edu.au
Demonstrated skills and abilities
• Ability to manage, supervise, direct and train staff and contractors.
• Risk assessment, industrial relations and inspections.
• Oversee and implement effective company systems.
• Develop practical safety standards aligned to organisation objectives.
• Conflict resolution to achieve positive outcomes.
• Understanding of relevant regulations, trends and updates about best practices in safety.
Work history
June 2011– current – Safety Adviser (FI/FO) at Mining Company Australia Pty Ltd
101 Coal Street, Resourceville QLD 4001
Company profile: Mining Company Australia won the lead construction contract for the large-scale Coal Mine
Project
Key duties:
• Work in a team to design and implement effective construction safety standards.
• Develop practical safety standards aligned to organisation objectives.
• Monitor contractor health and provide guidance and advice.
• Conduct investigations and execute outcomes.
• Undertake regular inspections and audits, managing outcomes.
March 2006–May 2011 – Safety Case Adviser at Big Miner Ltd
40 Sandy Road, Pricetown QLD 4400
Company profile: An Australian coal mining pioneer since 1967, Big Miner is a leading coal mining company
supplying Australian and Asian customers.
Key duties:
• Support development of Upstream and Downstream facility Safety Cases and Pipeline Management Plans.
• Develop content for the safety report in line with project and regulatory requirements.
• Assist in development of project safety cases.
• Interpret and provide guidance on Australian regulations and legislation.
April 2002–February 2005 – Safety Adviser at Start Up Mining Ltd
99 Atrode Street, West Queensland QLD 4800
Company profile: Start Up Mining listed on the Australian Securities Exchange with key projects located
across Queensland.
Key duties:
• Assist with implementing safety improvements.
• Liaise with operational, maintenance and management to ensure safety management systems are effective.
• Help prepare safety and emergency response plans and develop training programs.
• Ensure safety policy and procedures are followed.
Referees
Peter Moon Steven Rogers
General Manager Project Supervisor
Mining Company Australia Pty Ltd Big Miner Ltd
M: 0411 678 900 M: 0423 888 123
++ 21Coping emotionally after
redundancy
Redundancy refers to a job
becoming redundant, not an Exercise 5:
employee becoming redundant. How are you feeling?
Below are common types of feelings people
It’s important to remember this may feel when their job is made redundant.
isn’t your fault. Tick the ones you may be experiencing at
While some people may be happy at the the moment
prospect of a large redundancy payment, Problems sleeping
it’s also normal to feel shock, distress, anger, Fatigue
guilt, worthlessness or helplessness when
Appetite loss
your job is made redundant. These emotions
are often the most difficult part of a redundancy, Forgetfulness or vagueness
but should decrease over time. Anxiety or fear
Despite these short-term emotional effects, Moodiness
it’s important to keep things in perspective Muscle tension, pain or other physical
and remain flexible. Redundancy is just another symptoms, such as heartburn,
life experience and sometimes when things like headaches, rashes
this happen it can work out for the best. You may Frustration, anger, intolerance
find a better job or use the opportunity to change
Less social
your priorities in life, such as spending more time
with your family. There is no shame in being made Loss of direction
redundant. It’s just business – an unfortunate Embarrassment and guilt
down side of business. If you experience the symptoms you’ve
ticked for more than two or so weeks or
Your family they’re impacting your life, you could be at
Your family may also experience pressure and risk of developing depression or anxiety.
tension due to your redundancy. Ask yourself: We recommend that you speak to your
++ whether you’ve discussed the situation with doctor or find someone to talk to by calling:
your partner and how it will impact your ++ beyondblue on 1300 22 4636 or visit
circumstances www.beyondblue.org.au
++ if you and your partner have explained what ++ Lifeline on 13 11 14 or visit
happened to your children www.lifeline.org.au
++ if your family needs extra emotional support
++ how can you keep life as normal as possible
for the kids
++ what fun things can you still do as a family? remember that
redundancy isn’t
When discussing redundancy with your family,
explain that while it will likely affect household
anyone’s fault
spending, this will only be for a limited time. It’s
also important to point out that what has
happened isn’t anyone’s fault.
++ 22Exercise 6: Staying on top of your emotions
Fill in the table on the next page to find solutions to your worries. Even if none of the solutions
seem appealing, this exercise will help you find the best one for your circumstances.
Below is an example to show you how to use this table.
Add up your
scores for the
How can you What’s the advantage and advantages and
What’s your deal with this disadvantage of this option? disadvantages for
worry? problem? Assign a value to each idea. each solution.
Write a score out of 10 (based on level of
List all your importance or strength) next to each The best
ideas advantage (giving a positive value eg +8) and suited solution
without disadvantage (giving a negative value eg -5). is the one with
judging While the best option may have many the highest
them. disadvantages, sometimes one advantage score.
can outweigh all these.
Worry: Advantage + Value Disadvantage - Value
Don’t feel like Force myself to I might get back into 8 I’ll be a downer and -7
seeing my see them things not much company
friends Chance to talk about 9 I won’t enjoy myself -8
what happened
Total value 17 Total value -15 17 – 15 = 2
Just stay home I don’t have to worry 2 I won’t feel any -2
for a while about anything better
Total value 2 Total value -2 2–2=0
Go out and do Chance to clear my 8 I might feel lonely -5
something on mind
my own Get back into things 7
slowly
Total value 15 Total value -5 15 – 5 = 10
Adapted from: beyondblue’s Structured Problem Solving Worksheet
10 is the highest score
so going out and doing
something on your own is the
best solution to this problem
++ 23Exercise 6: Staying on top of your emotions Continued
Fill in the table below to find solutions to your worries. Even if none of the solutions seem appealing,
this exercise will help you find the best one for your circumstances.
Worry Advantage + Value Disadvantage - Value
Worry 1:
Total value Total value
Total value Total value
Total value Total value
Worry Advantage + Value Disadvantage - Value
Worry 2:
Total value Total value
Total value Total value
Total value Total value
Worry Advantage + Value Disadvantage - Value
Worry 3:
Total value Total value
Total value Total value
Total value Total value
++ 24Ideas for solving your worries
Who can help?
++ Get support from friends and family who can
help you stay positive. beyondblue
++ Stay healthy by maintaining a balanced diet Phone: 1300 224 636
and doing regular exercise, such as walking. Email: infoline@beyondblue.org.au
Regular exercise can boost mood. Visit: www.beyondblue.org.au
++ Avoid drugs and alcohol as this can worsen Medicare
your emotional state and increase your risk You may be eligible for a Medicare rebate for
of developing depression. It may also further consultations with a psychologist, social
strain your finances. worker or occupational therapist in mental
++ Realise you’re not alone and the feelings health if you’re referred by a GP, psychiatrist
of uncertainty you’re experiencing are or pediatrician. Call Medicare on 132 011.
being shared by many others. By sharing
Lifeline
your story with supportive friends and
Lifeline provides access to crisis support,
colleagues, you may find they’re going
suicide prevention and mental health
through similar feelings.
support services, including anxiety and
++ Try to see the positives. While this can be
depression. Call Lifeline’s 24 hour crisis
hard to do, this could be an opportunity to
support service on 13 11 14.
re-evaluate your goals and perhaps take on
new challenges.
++ Although redundancy is a life changing event,
many people later claim it was an enlightening
experience – it got them out of a rut and
propelled their career to the next level.
This is an opportunity to plan the next five to
20 years of your working career.
++ 25Getting financial advice
Mine Wealth + Wellbeing Financial Competitive, transparent fees
Advice can provide the personal Everyone’s different, which means there’s no one
financial advice and planning you size fits all approach to financial advice. That’s
why Mine Wealth + Wellbeing Financial Advice
need to make confident decisions. offers a range of advice options to help you
Did you know Mine Wealth + Wellbeing Financial create, manage and protect your wealth, starting
Advice specialises in superannuation and from free simple super-related phone advice to
retirement planning, wealth creation, tax full financial plans.
minimisation, estate planning and personal Advice is available over the phone or face to face
insurance, and can advise you on the best way and if the advice is super-related, your fees can
to deal with your redundancy payment? be deducted from your Mine Wealth + Wellbeing
Super account.
No commissions mean more
money for you Call 13 MINE (13 64 63) or visit
As salaried employees, Mine Wealth + www.mine.com.au/advice to find out
Wellbeing financial advisers aren’t paid more or make an appointment.
commissions. They simply recommend what
they think is best for you and your future.
++ 26Superannuation
Standard choice form
For use by employers when offering employees a choice of fund
and by employees to advise their employer of their chosen fund.
Section A: Employee to complete
1 Choice of superannuation (super) fund
I request that all my future super contributions be paid to: (place an X in one of the boxes below)
The APRA fund or retirement savings account (RSA) I nominate Complete items 2, 3 and 5
The self‑managed super fund (SMSF) I nominate Complete items 2, 4 and 5
The super fund nominated by my employer (in section B) Complete items 2 and 5
2 Your details
Name
Employee identification number (if applicable)
Tax file number (TFN)
You do not have to quote your TFN but if you do not provide it, your contributions may be taxed at a higher rate.
Your TFN also helps you keep track of your super and allows you to make personal contributions to your fund.
3 Nominating your APRA fund or RSA
You will need current details from your APRA regulated fund or RSA to complete this item.
Fund ABN 16 457 520 308
Fund name
Mine Wealth and Wellbeing Superannuation Fund
Fund address
Locked Bag 2020
Suburb/town State/territory Postcode
Newcastle NS W 2 3 0 0
Fund phone 1 3 6 4 6 3
Unique superannuation identifier (USI) 1 6 4 5 7 5 2 0 3 0 8 0 0 1
Your account name (if applicable)
X
Your member number (if applicable)
Required documentation
You need to attach a letter from your fund stating that they are a complying fund and that they will accept contributions from
your employer. Correct information about your super fund is needed for your employer to pay super contributions.
NAT 13080‑08.2014 Sensitive (when completed) Page 14 Nominating your self-managed super fund (SMSF)
You will need current details from your SMSF trustee to complete this item.
Fund ABN
Fund name
Fund address
Suburb/town State/territory Postcode
Fund phone
Fund electronic service address (ESA)
Fund bank account
BSB code (please include all six numbers) Account number
Required documentation
You need to attach a document confirming the SMSF is an ATO regulated super fund. You can locate and print a copy of
the compliance status for your SMSF by searching using the ABN or fund name in the Super Fund Lookup service at
http://superfundlookup.gov.au/
If you are the trustee, or a director of the corporate trustee you can confirm that your SMSF will accept contributions from
your employer by making the following declaration (place an ‘X’ in the box below):
I am the trustee, or a director of the corporate trustee of the SMSF and I declare that the SMSF will accept contributions
from my employer.
If you are not the trustee, or a director of the corporate trustee of the SMSF, then you must attach a letter from the trustee
confirming that the fund will accept contributions from your employer.
5 Signature and date
If you have nominated your own fund in Item 3 or 4, check that you have attached the required documentation and
then place an ‘X’ in the box below.
I have attached the relevant documentation.
Signature
Date
Day Month Year
Return the completed form to your employer as soon as possible.
Page 2 Sensitive (when completed)Section B: Employer to complete
You must complete this section before giving the form to an employee who is eligible to choose the super fund into which you
pay their super contributions.
Sign and date the form when you give it to your employee.
6 Your details
Business name
ABN
Signature
Date
Day Month Year
7 Your nominated super fund
If the employee does not choose their own super fund, you are required to pay super contributions on their behalf to the fund
that you have nominated below:
Super fund name
Unique superannuation identifier (USI)
Phone (for the product disclosure statement for this fund)
Super fund website address
Section C: Employer to complete
Complete this section when your employee returns the form to you with section A completed.
8 Record of choice acceptance
In the two months after you receive the form from your employee you can make super contributions to either the fund you
nominated or the fund the employee nominated. After the two‑month period you must make payments to the fund chosen
by the employee.
If you don’t meet your obligations, including paying your employee superannuation contributions to the correct fund,
you may face penalties.
Day Month Year Day Month Year
Date employee’s choice Date you act on your
is received employee’s choice
Employers must keep the completed form for their own record for five years. Do not send it to the Australian
Taxation Office, the employer’s nominated fund or the employee’s nominated fund.
PRIVACY STATEMENT
The ATO does not collect this information; we provide this form as a means for employees to identify and provide necessary
information to their employer. An employer is authorised to collect an employee’s TFN under the Superannuation Industry
(Supervision) Act 1993. It is not an offence for an employee not to quote their TFN. However, quoting a TFN reduces the
risk of administrative errors and if the employee does not quote their TFN their contributions may be taxed at a higher rate.
An employee can get more details regarding their privacy rights by contacting their superannuation fund.
Sensitive (when completed) Page 3Mine Wealth and Wellbeing Superannuation Fund
Locked Bag 2020 Newcastle NSW 2300
t 13 MINE (13 64 63) | f +61 (2) 4962 3469
e help@mine.com.au | mine.com.au
Complying Superannuation Fund Notice
Mine Wealth and Wellbeing Superannuation Fund is a resident regulated superannuation fund and complies with the
Superannuation Industry (Supervision) Act 1993. The Fund’s Trustee, AUSCOAL Superannuation Pty Ltd ABN 70 003 566 989,
confirms that it has not received, nor does it expect to receive, written notice directing it not to accept further contributions.
Fund Information
Fund Name Mine Wealth and Wellbeing Superannuation Fund
Superannuation Fund Number 1340 309 48
SPIN COS 0001AU
Unique superannuation identifier 16457520308001
MySuper authorisation 16457520308485
Contributions and rollovers to the Mine Wealth and Wellbeing Superannuation Fund
Employer contributions – We can accept employer contributions made on behalf of any employee who is a member of the Fund.
We offer a MySuper product and we’re eligible to be a default fund for employers. We encourage employers to confirm with the
Australian Tax Office that their contribution method is a complying one and to use a clearing house to make contributions.
Member contributions – We can accept regular and lump sum contributions (minimum amounts can apply). Members can make
these contributions online using their Member Account, by BPAY or by electronic funds transfer (EFT). For more information, go to
www.mine.com.au or give us a call on 13 MINE (13 64 63).
Rollovers – Members can transfer their other super accounts into their Mine Wealth + Wellbeing Super account. To do this they will
need to complete a Transfer Form which is available from our website www.mine.com.au or by calling us on 13 MINE (13 64 63).
Before deciding to join the Mine Wealth and Wellbeing Superannuation Fund please read our Product Disclosure Statement (PDS).
For more information about Mine Wealth + Wellbeing Super, including our PDS, visit our website www.mine.com.au or give us a call
on 13 MINE (13 64 63).
Mine Wealth + Wellbeing Super
Important information
This is general information only and does not take into account your financial situation, needs or objectives. Before acting,
you should consider whether the information is appropriate for you. This information is based on our understanding of current
Australian laws and assumes they will remain unchanged.
Mine Wealth and Wellbeing Superannuation Fund ABN 16 457 520 308
Trustee: AUSCOAL Superannuation Pty Ltd ABN 70 003 566 989 AFSL 246864
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