Your preference – to take or not to take that is the question! Are you mentally ready to disconnect from QF? Do you have a plan for the next chapter? Staff that leave Qantas employment prematurely often struggle with moving forward even if they are financially sound.

Your Age – age impacts the tax treatment of the redundancy payment and also the opportunity for future employment prospects.

Do the numbers stack up for you? Are you financially ready to depart Qantas? Do you have enough money to retire?  These considerations need a professional’s help to run the numbers, do some projections and ask further important questions.

Timing your exit – if departure flexibility is available in your department, there may be tax and other benefits available by timing your departure date.

If you plan to continue working, assume the worst case scenario. Plan how long your redundancy money can last and make spending adjustments accordingly until new employment is found. Complete a spending summary or budget planner.  Centrelink provides assistance if you are seeking new employment. Generally income support is not available for a certain period after receiving a redundancy payment. This link will help you understand what Centrelink has on offer for you on retrenchment and redundancy.

Retirement planning – If you are considering taking the package and moving into permanent retirement there are some key financial planning considerations to go through. Financial advice with a professional financial advisor is critical if you are considering retirement and want your income to seamlessly continue.

Check the final payment to ensure that the final redundancy statement and tax withheld is correct and corresponds to the redundancy payments made into your bank account.

Redirect any payroll auto deductions to credit card or your bank account. Complete your exit interview with Qantas. Consider your options with your super now that you are no longer an employee of Qantas. Take a photo of your Qantas ID before handing it in at your exit interview, for interline travel purposes. Check on your staff travel entitlements (LSL trips, stages available & expiry date) & make any final changes to your nominated travel companion. Consider whether you would like a retiree Qantas ID for future travel discounts and arrange before handing in your QF ID.  Followup Qantas payroll for your final redundancy statement.  FinaL PAYG Summary statement at the EOFY for your accountant if retiring.

Celebrate your decision – if, after extensive consideration, you decide to take the VR, celebrate the end of an era and the beginning of your new life’s chapter with colleagues and friends. The exit interview day with Qantas is a perfect day to get together with others after you hand in your ID, uniform and depart Qantas for the last time. There is actually a huge psychological benefit in taking this step.

Don’t do this alone – Taking a VR package is a huge decision both financially and mentally. Having someone trusted, skilled and experienced to talk through questions and concerns you have is critical and worth the time and effort. Get good sleep, keep exercising and above all don’t let this stress you out. Everything can be worked out.