Redundancy assistance - Mine Super Financial Advice
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Mine Super Financial Advice Redundancy assistance
Key Contacts Find out more about your rights, conditions and entitlements in the workplace Fair Work Ombudsman at fairwork.gov.au or call 13 13 94. If you’re a union member and want advice or representation Australian Unions at australianunions.org.au or call 1300 486 466. Find out what government assistance and family tax benefits you may be entitled to Centrelink at servicesaustralia.gov.au Book in for free financial seminars and discuss your eligibility for benefits Go to servicesaustralia.gov.au or call the Financial Information Service (FIS) on 13 23 00 Find out how to upgrade your skills or retrain for a new job Department of Employment, Skills, Small and Family Business at employment.gov.au or call 1300 488 064 If you’re interested in starting your own business Read the Australian Government’s Starting a business guide at business.gov.au To find advertised job positions Australian JobSearch at jobsearch.gov.au or call 13 62 68
Contents
Use this workbook to.................................................................................. 4
When I was made redundant ..................................................................... 5
What is redundancy and what are my rights?........................................... 6
How much redundancy pay am I entitled to?............................................ 7
How will my redundancy payment be taxed?............................................ 8
Where will my 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
+3Use 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 Super Financial Advice, This guide will help you work through some
of the things you should think about.
we understand that it can be
Have you also thought about getting some
overwhelming trying to make financial advice?
sense of your finances along with Did you know that Mine Super Financial Advice
the stress of being out of work. can provide you with advice about redundancy?
Mine Super 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.
+4When 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 grueling 12 hour day and the pay off some of the mortgage? Will I be able to
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 Super.
all week.
She’d read some of the stuff my super fund sends
As I walked over to the crib room, my supervisor me and said they’ve got a financial advice service
called me over to his office and told me to sit affiliated to the fund called Mine Super Financial
down. ‘Mate, I guess you’ve noticed the Advice. We gave them a call and got in to see an
contractors have been put off. Well, the mine just adviser. That was probably the smartest thing
isn’t making money at the moment and I’m afraid 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 Super Financial Advice was a smart
Why me? I’ve got a mortgage, kids at school and move. With their help we kept our standard of
my wife only works part-time. There are lots of living up, didn’t fall behind on our mortgage and
other blokes at the pit who are just about ready to managed to pay our bills. It was such a relief to
retire. Why not give them the redundancy? 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?
+5What is redundancy
and what are my rights?
Redundancy happens when, Period of Minimum notice
through no fault of your own, continuous service period
an employer no longer requires the Up to 1 year 1 week
job to be done by anyone or when 1-3 years 2 weeks
an employer becomes insolvent 3-5 years 3 weeks
or bankrupt. More than 5 years 4 weeks
If you’re over age 45 with a minimum of two years continuous
Why is my job being made redundant? service your employer must provide an additional week of
notice.
A redundancy happens when:
+ the job you’ve been doing is replaced by new Is this a ‘genuine redundancy’?
technology Under Australian employment law, a person’s
+ business slows down due to lower sales or dismissal is a ‘genuine redundancy’ if the
production employer:
+ the business relocates + no longer needs the person’s job to be done by
+ a merger or takeover happens anyone because of changes in the business’s
+ the business restructures or reorganises. operational requirements, and
Minimum period of notice + followed any consultation requirement
If you’re employed at a black coal mine site, with their employees or relevant union in a
the Black Coal Mining Industry Award (2010) modern award, enterprise agreement or your
states that if you’re made redundant, you’re employment contract that applies to implement
entitled to a minimum four weeks notice. a redundancy.
If you’re not employed at a black coal mine site,
your notice period will depend on the National
Employment standards, or any award, enterprise
agreement or employment contract that applies
to you. The National Employment Standards
outline the following minimum notice periods:
+6How 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
If you don’t work at a black coal mine site, the 10 years - 12 weeks*
amount of severance pay is determined by the
National Employment Standards, and any award,
enterprise agreement or employment contract What if you don’t receive your entitlements?
that applies to you. Your severance pay will be If your employer finds you other acceptable
and is based on your continuous years of service employment or can’t afford your redundancy
and your ‘base rate of pay’. payment, they can apply to the Fair Work
Commission to reduce the amount they need
Your base rate of pay to pay. This could be reduced to a specified
This is the rate of pay for your ordinary hours of amount or nil. If this happens, you may be able
work, but not including: to get financial help from the government’s
+ incentive-based payments and bonuses Fair Entitlements Guarantee. See page 11 for
more information.
+ loadings
+ monetary allowances
Handy tip!
+ overtime or penalty rates Keep in mind that your redundancy payment could
+ any other separately identifiable amounts. 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.
+7How will my redundancy
payment be taxed?
Redundancy payouts aren’t taxed
like regular income. You’ll get a Exercise 2: What’s your tax free
tax break because this money has amount?
Here’s how to work out your tax free amount:
to support you and your family until
(Years of service x $5,496) + $10,989 = tax
you find a new job. free amount.
If you receive a genuine redundancy and you’re not Step 1: How many years have you
of Age Pension qualifying age, you’re entitled to a worked for your employer?
tax free portion as part of any redundancy payment
received. Redundancies for those Age Pension x $5,496 =
qualifying age and over are not entitled to this tax
free portion. $
Contact Mine Super Financial Advice or your
Step 2: Take the figure from step 1 and
accountant for professional assistance with the
add $10,638
taxation of your redundancy payment. To check
if you’re at Age Pension qualifying age, look up + $10,989 =
your Date of Birth in the table to the right.
$
Tax free amount This result is your tax free amount.
The maximum tax free redundancy payment
you can receive in the 2020-21 financial year is
$10,989, plus $5,496 for each completed year of Age Pension Qualifying Age
service. These amounts are increased on 1 July Date of birth
each year.
Before 1 July 1952 65 years
From 1 July 1952
65 years and 6 months
to 31 December 1953
From 1 January 1954
66 years
to 30 June 1955
From 1 July 1955 to 31
66 years and 6 months
December 1956
From 1 January 1957
67 years
onwards
+8How the rest of your redundancy Date of birth Preservation age
payment is taxed Before 1 July 1960 55
The rest of your redundancy payment is taxed 1 July 1960 – 30 June 1961 56
as an Employment Termination Payment, or ETP. 1 July 1961 – 30 June 1962 57
You may need to pay tax on this amount.
1 July 1962 – 30 June 1963 58
An ETP can be made up of the redundancy 1 July 1963 – 30 June 1964 59
payments that are in excess of the tax-free limits.
After 30 June 1964 60
This includes:
+ payment in lieu of notice In addition, a ‘whole of income’ cap may apply to
+ compensation for loss of employment these payments and this could result in you
+ unused rostered days off paying a higher rate of tax. It’s therefore advised
+ unused sick leave that you seek financial advice in most instances,
+ and of course, the redundancy payment amount. in particular for those individuals who have a
However, an ETP doesn’t include: substantial amount of long service leave, annual
+ payments for unused annual leave or leave loading leave and/or sick leave.
+ payments for unused long service leave ^ For the 2020-21 financial year.
entitlements.
Amounts up to Amounts over
Your age at $215,000 or $215,000 or
end of whole of whole of
financial year income cap of income cap
$180,000^ of $180,000^
Under Up to 32%, Up to 47%,
preservation including including
age Medicare Levy Medicare Levy
Over Up to 17%, Up to 47%,
preservation including including
age Medicare Levy Medicare Levy
+9Where will my 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 Super 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 this on my own. Read the section below and review your budget on page 17 to make
do I need professional sure you’ve covered everything.
financial advice? Need advice but don’t know where to start. Mine Super Financial Advice can help.
See below for contact details
How can Mine Super help me? You can also access your super under specified
compassionate grounds. These include medical
Financial advice treatment and transport, mortgage assistance,
Mine Super members can get financial advice modifications to home and transport to
from Mine Super Financial Advice about accommodate a severe disability, funeral
redundancy. If you would like to be put in assistance and care for a terminal medical
touch with Mine Super Financial Advice, condition. For more information call the
call us on 13 64 63. Australian Taxation Office (ATO) on 13 10 20.
Access your super Does anything change with my Mine Super
If you’re off work for an extended period of membership?
time, and are experiencing hardship and meet No. Once you’re a Mine Super member you
government criteria, you can apply to access can stay with the fund for life. Even if you
some of your super under ‘hardship’ provisions. leave the coal industry, your future employer
To apply call Mine Super and ask for the Apply contributions can still be paid to your Mine
for a financial hardship payment from your Super account. To find out how to do this,
super form. go to mine.com.au/take-us-to-a-new-job
+ 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 Australian Financial Complaints + up to four weeks unpaid redundancy
Authority on 1800 931 678 (free call). entitlement per full year of service.
Centrelink For more information call 1300 135 040
or to lodge a claim for assistance visit
Income support
employment.gov.au It’s important to lodge
Centrelink can pay you income support while
your claim form as soon as possible as strict
you’re looking for another job. Keep in mind
time limits apply.
waiting periods usually apply before you can start
receiving payments. The length of the waiting Can I claim on my income protection insurance?
period usually depends on the number of weeks If you have income protection insurance through
your redundancy payment covers, so a 12 week your super fund, such as Mine Super, your
payment equals a 12 week waiting period. You insurance won’t cover you for redundancy.
may also be subject to income and assets tests This is because the law only allows super funds
for some benefits, such as Newstart Allowance. to provide income replacement if you’re sick or
injured and off work for an extended period. See
Job search help
page 13 for more information.
Centrelink can also help you find work via Job
Services Australia (JSA). Depending on your If you have income protection insurance outside
circumstances, JSA can help with: super, you may be covered for redundancy. If
you’re not sure, contact your insurer to check.
+ job search training and assistance, such as
resume preparation and advice on the best
ways to look for work Handy tip!
edundancy provides a good opportunity to review
R
+ access to telephones, computers, stationery your total insurance needs, as your circumstances
and employment vacancy listings could change dramatically. Mine Super Financial Advice
can help work out what you need. If you would like to
+ access to training, skills development and
be put in touch with Mine Super Financial Advice, call us
other assistance. on 13 64 63.
Visit servicesaustralia.gov.au to find out more.
Long-service leave
If you’re eligible and facing redundancy, you might
be able to use your accrued long service leave as
another way of earning income while between jobs.
For more information speak to your employer
or, if you’re working in the black coal mining
industry, contact Coal LSL on 1300 852 625 or
visit coallsl.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 Super Income
and/or income protection Protection insurance if I’m made
insurance, it’s important you 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
made redundant. in 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
have death and disablement and new job and salary. If we don’t know about your
income protection insurance new job (because you don’t tell us or your new
through your Mine Super account. employer doesn’t send us contributions), your
If you have this insurance cover will stop after 12 months of you finishing
your previous job.
elsewhere, you should contact
If you find another job between 12 to 18 months,
your insurer as the rules can be your cover will be automatically reinstated if
different. your new employer pays your super guarantee
into your Mine 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 and seek professional advice.
+ 12Can I claim on my income protection
For more information about when you’re eligible to
insurance if I’m made redundant and make a disablement claim, you should read our
not working? Product Disclosure Statement and Insurance Guide.
You can find both at mine.com.au/super-pds
Mine Super income protection insurance only
replaces part of your pay if you become sick or
injured and can’t work. This means you can’t Do I have to do anything once I start
make a claim for being made redundant. working again?
On the other hand, if you’re made redundant and The cost of your Mine Super insurance is linked
then become sick or injured, you’ll be able to to the type of job you do. We call these ‘job
make a claim. However, please note: classifications’. When you start a new job with an
+ you’ll only be covered for the first 12 months employer who pays your super into your Mine
you’re unemployed Super account, you should tell us your new job
+ the amount you’re eligible to claim reduces so we can give you the correct job classification
over the 12 month period, as it’s based on and charge you the correct amount for your
your earnings for the 12 months prior to insurance.
making a claim If you start a new job with an employer who
+ your cover will remain current for as long as doesn’t pay your super into your Mine Super
there’s enough money in your account to pay account, you can keep your Mine Super insurance.
for your insurance. However, you should check if you get the same
type of insurance in your new job and consider if
If you have an income protection policy with
you need both.
another provider, your other policy may cover
you for redundancy. You can contact them to For income protection insurance, it’s also
ask if you’re covered. important that we have your new salary. We use
your salary to calculate your cover amount. If you
Can I keep my death and disablement don’t tell us your salary, we’ll use a salary of
$80,000 pa to calculate your cover. If you have
insurance if I’m made redundant?
previously told us your salary under your old job,
Yes, you can keep your death and total and
we’ll continue to use that salary unless you tell us
permanent disablement insurance and be
your new salary or we’ve been authorised to
covered even when you’re unemployed. Your
receive your salary from your new employer and
cover will remain current for as long as there’s
they provide it to us.
enough money in your account to pay for your
insurance. How you’re assessed for total and
To tell us your job classification and salary,
permanent disablement might change if you
fill in a Change my insurance form available in this
make a claim while you’re not working. 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 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 making lump
don’t spend your redundancy sum 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 periods
and is known as the Income Maintenance Period. waived. Find out more information on page 10.
What is the Income Handy tip!
Maintenance Period? For more information about social security and
Centrelink payments, go to the Services Australia
The Income Maintenance Period is the period of website servicesaustralia.gov.au
time the leave and redundancy payments you
have received are treated as income. 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
Unless you already have another enough super savings, you could consider
early retirement.
job lined up, you should view your
If you’re 60 or over there’s generally no tax
payment as a funding base for payable on lump sum withdrawals from your
maintaining your lifestyle while super. If you’re under 60, you may need to pay
you’re looking for a new job - not a some tax.
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 Your age Taxable component
Tax-free
component
for your redundancy payment, it’s important to
have a plan for what you may do if it takes longer 0%. You don’t need to
Age 60+ include this in your tax 0%
than you expect to find a new job. If you put your
return.
money where you can’t access it in the future,
you won’t have any options if you run out of 0% up to $215,000 for
disposable income. 2020-21. Withdrawals
above this threshold are
0%,
taxed at your marginal tax
Some options for your rate or 17%, whichever
including
any benefit
redundancy payment Preservation
age to age 59
is lower, which includes
the Medicare Levy.
withdrawn
due to
What you do with your redundancy payment This money is treated as
terminal
depends on your personal circumstances, but assessable income and
illness.
therefore could affect your
some possible uses include: HELP debt payments and
+ Maintain your existing lifestyle or continue to Medicare Levy surcharge.
provide for your family and pay your rent or
Taxed at your marginal tax
mortgage while you’re out of work. rate or 22%, whichever is 0%,
+ Pay off some debt, but ensure you can take lower, which includes including
Under the Medicare Levy. any benefit
some money back if you need to. For instance, preservation This money is treated as withdrawn
if you put money into your mortgage, make sure age assessable income and due to
your account has redraw facilities. therefore could affect your terminal
HELP debt payments and illness.
+ If you’re over preservation age (see page 9) Medicare Levy surcharge.
you can put money into super and open a pre-
retirement pension to draw down a regular
income. Once you return to work you can make
additional before-tax contributions to your Get financial advice!
super and save tax, while continuing to top up You’re likely to have a lot of questions about
your income using your pension. redundancy and what it means for your financial
+ If you’re close to retirement and have enough and lifestyle plans. Speaking to a financial adviser
super savings, you could consider early can help you make major financial decisions.
retirement. See page 26 for more information.
+ 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
Use the worksheet below to get a clear picture of your regular expenses.
In the first column, ‘Current expenses’ write down 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
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 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 jobactive.gov.au or phone 13 62 68. Also mention any attachments, including your
resume and any work examples.
Updating your resume Job interview tips
Being prepared for your interview means
Before you start job hunting, one of the first
you’ll feel more confident. Some things you
things to do is update your resume. Try to be as
can do include:
brief as possible and use a simple and clear
presentation. It’s wise to keep your resume under + Practice answering common interview questions,
two pages and use sensible headings to divide up such as why you should be chosen for the job.
the content. + Spend time finding out about the job you’re
On the next page is a basic resume you can use applying for and the business to show you’re
as a template to create your own. really interested.
+ If you have gaps in your employment history,
Applying for jobs mention any study, volunteer work or other
When you find a job you’d like to apply for, activities you completed during this period.
you’ll need to write a cover letter to send + Plan your trip to the interview so you know where
with your resume. you’re going and how long it will take. Plan to
Your cover letter should be carefully crafted to arrive at least 10 minutes early.
grab the employer’s attention and quickly show Once you’re at the interview, do your best to appear
why you’re a candidate who has the skills and calm, friendly and confident, even though you may
experience the business is after. be nervous. If you’re asked a question you’re not
sure about, ask for clarification to show you’re not
afraid to ask questions to get things right. If you’re
Handy tip
For more hints and tips visit jobactive.gov.au not sure of how to answer a question, taking a
moment to think about it is perfectly OK and shows
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 224 636 or visit
circumstances beyondblue.org.au
+ if you and your partner have explained what + Lifeline on 13 11 14 or visit lifeline.org.au
happened to your children
+ if your family needs extra emotional support
+ how can you keep life as normal as possible
for the kids remember that
+ what fun things can you still do as a family? redundancy isn’t
anyone’s fault
When discussing redundancy with your family,
explain that while it will likely affect household
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 may 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.
Identify List all your Write a score out of 10 (based on level of The best
what you’re ideas without importance or strength) next to each suited solution
worried judging them. advantage (giving a positive value eg +8) and is the one with
about. disadvantage (giving a negative value eg -5). the highest
While the best option may have many score.
disadvantages, sometimes one advantage
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 may 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. Mates in Mining
+ Stay healthy by maintaining a balanced diet Phone 1300 642 111
and doing regular exercise, such as walking. Mates in Mining is an industry suicide
Regular exercise can boost mood. prevention organisation focusing on raising
+ Avoid drugs and alcohol as this can worsen awareness, building capacity, providing help
your emotional state and increase your risk and research.
of developing depression. It may also further Beyond Blue
strain your finances. Phone 1300 22 4636
+ Realise you’re not alone and the feelings Visit beyondblue.org.au
of uncertainty you’re experiencing are
Medicare
being shared by many others. By sharing
You may be eligible for a Medicare rebate for
your story with supportive friends and
consultations with a psychologist, social
colleagues, you may find they’re going
worker or occupational therapist in mental
through similar feelings.
health if you’re referred by a GP, psychiatrist
+ Try to see the positives. While this can be
or pediatrician. Call Medicare on 13 20 11.
hard to do, this could be an opportunity to
re-evaluate your goals and perhaps take on Lifeline
new challenges. Lifeline provides access to crisis support,
+ Although redundancy is a life changing event, suicide prevention and mental health
many people later claim it was an enlightening support services, including anxiety and
experience – it got them out of a rut and depression. Call Lifeline’s 24 hour crisis
propelled their career to the next level. support service on 13 11 14.
This is an opportunity to plan the next five to
20 years of your working career.
+ 25Getting financial advice
Mine Super Financial Advice can Competitive, transparent fees
provide the personal financial Everyone’s different, which means there’s no one
advice and planning you need size fits all approach to financial advice. That’s
why Mine Super Financial Advice offers a range
to make confident decisions. of advice options to help you create, manage and
Did you know Mine Super Financial Advice protect your wealth, from simple super-related
specialises in superannuation and retirement phone advice to full financial plans.
planning, wealth creation, tax minimisation, Advice is available over the phone or face to face
estate planning and personal insurance, and can and if the advice is super-related, your fees can
advise you on the best way to deal with your be deducted from your Mine Super account.
redundancy payment?
If you would like to be put in touch with Mine
Super Financial Advice, call us on 13 64 63.
+ 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 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 Superannuation Fund
Locked Bag 2020 Newcastle NSW 2300
t 13 MINE (13 64 63) | f 02 4962 3469
e help@mine.com.au | mine.com.au
Complying Superannuation Fund Notice
Mine 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 Superannuation Fund
Superannuation Fund Number 1340 309 48
SPIN COS 0001AU
Unique superannuation identifier 16457520308001
MySuper authorisation 16457520308485
Contributions and rollovers to the Mine 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 using their online account, by BPAY or by electronic funds
transfer (EFT). For more information, go to mine.com.au or give us a call on 13 64 63.
Rollovers – Members can transfer their other super accounts into their Mine Super account. To do this they will
need to complete a Transfer Form which is available from our website mine.com.au or by calling us on 13 64 63.
Before deciding to join the Mine Superannuation Fund please read our Product Disclosure Statement (PDS). For
more information about Mine Super, including our PDS, visit our website mine.com.au or give us a call on 13 64 63.
Mine 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 Superannuation Fund ABN 16 457 520 308
Trustee: AUSCOAL Superannuation Pty Ltd ABN 70 003 566 989 AFS licence 246864 CAN200031/J4735/140120You can also read
