What to do with a redundancy payout
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What to do with a redundancy payout

Make sure you plan your next move carefully to make the most of your payout

By Mercedes Maguire
Fri, Dec 23, 2022 9:11amGrey Clock 3 min

 You wouldn’t really call a redundancy a career highlight given you’re losing your job. But you’re being compensated for that loss with a lump sum of money – in some cases up to a year’s salary or more.

Experts agree that a redundancy is not necessarily the career death knell it may at first appear.

For many, a redundancy and the payout that comes with it, can be the opportunity for a new start; perhaps a career overhaul, the chance to start a business, a slide into early retirement or the opportunity to boost your superannuation or pay down your mortgage. It could even be a long-awaited extended overseas holiday.

Read more stories like this in the launch issue of Kanebridge Quarterly magazine. Order your copy here

The opportunity a redundancy brings really depends on where you’re at in life, your age – and the amount of money you receive. 

“It can very much be a re-start,” says Steve Mickenbecker, money expert at finance comparison site, Canstar. “People (who get a redundancy) tend to re-visit life goals, they ask themselves ‘What do I want to do? What do I value?’. The beauty is you’re being paid a sum that gives you some breathing space to work this out.”

What you do with your redundancy payout will depend on whether you need to live on the money while you look for another job. If you’re on the job market, you may need to make the money last an uncertain amount of time.

If this is the case, the first step should be to make a personal budget, which you can do using online tools and calculators, or with the help of a money coach or financial advisor. Beyond that, your options are simple – invest it or spend it – says Noel Whitaker, a finance columnist and author of Retirement Made Simple. However, the best financial roadmap will vary from person to person.

“I would start by talking to an advisor or your accountant at the outset who can explain the tax implications associated with a redundancy payout, which can be complicated,” Whitaker says. “The best thing you can do regardless of which option you take is to stay as flexible as possible. For instance, you can pay down your mortgage, or you can put your money into your mortgage off-set account, if your loan has one, so you can still access it should you need it.”

He says age also plays a factor. If you are older, you may want to put it in your super knowing you won’t be losing access to it for long, an option that is less attractive to someone in their 30s, for instance, who will not be able to access that money for several decades more.

Bryan Ashenden, the head of financial literacy and advocacy at wealth management company, BT, breaks down the figures on investing versus super.

“With an investment, you will get the benefit of not only the dividend or return, but also capital growth depending on how you invest the money,” Ashenden says. “For example, a $20,000 investment may generate a four per cent income return (or $800 per annum) but may also provide a capital growth of five per cent per annum (or $1000). So, after one year, your $20,000 investment is worth $21,000 and your $800 income return could either be re-invested or perhaps used towards repaying some of your home loan principal or interest.

“If invested via super, with the same rates of return, the $800 income return would be worth $680 after tax, but because it is locked in the super system until you access it, it can be reinvested (with the $1000 capital growth), meaning you have $21,680 as a net investment after one year.”

The added benefit of investing via super, he says, is that when you access the funds after the age of 60, the money comes back to you tax free. For some, the temptation to invest in a small business venture could also be alluring. But that could be a high risk option.

“There are a lot of challenges (to small business) in today’s environment,” says Small Business Association of Australia CEO Anne Nalder. “It’s not a booming period, with inflation tipped to go close to eight per cent by the end of the year and interest rates also going up.

“If you are going to invest in a small business, look at the potential growth areas and go into something you’re good at, familiar with and passionate about.”

Ultimately, while taking a holiday is a ‘sunk cost’ it could be just the refresher you need before making your next move.



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BHUTAN LAUNCHES WORLD-FIRST NATIONAL CRYPTO PAYMENT SYSTEM FOR TOURISM

Bhutan is pioneering a new frontier in travel by allowing tourists to pay for flights, visas, hotels and even fruit stalls using cryptocurrency via Binance Pay.

By Jeni O'Dowd
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Bhutan has become the first country in the world to implement a national-level cryptocurrency payment system for tourism, marking a major milestone in digital innovation and travel.

Launched in partnership with Binance Pay and Bhutan’s fully digital DK Bank, the system enables travellers with Binance accounts to enjoy a seamless, end-to-end crypto-powered journey. More than 100 local merchants, from hotels and tour operators to small roadside vendors in remote villages, are already live on the system.

“This is more than a payment solution — it’s a commitment to innovation, inclusion, and convenience,” said Damcho Rinzin, Director of the Department of Tourism, Bhutan.

“It enables a seamless experience for travellers and empowers even small vendors in remote villages to participate in the tourism economy.”

Using supported cryptocurrencies, tourists can now pay for nearly every part of their trip, including airline tickets, visas, the Sustainable Development Fee (SDF), hotel stays, monument entry fees, local guides, and shopping, all through secure static and dynamic QR code payments.

Binance CEO Richard Teng praised the move, saying: “We are excited to partner with Bhutan as we are not only advancing the use of cryptocurrencies in travel but also setting a precedent for how technology can bridge cultures and economies. This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences.”

Known as the “Kingdom of Happiness,” Bhutan has long prioritised Gross National Happiness over GDP, with a strong focus on sustainability, cultural preservation, and societal well-being. The new system aligns with these values by reducing payment friction and bringing financial inclusion to local communities.

Among the key features of the system:

  • Seamless Experience: Tourists can pay with crypto for all travel-related expenses.

  • Inclusive Reach: Small vendors, even in remote areas, can accept QR code payments.

  • Lower Fees: Transactions cost significantly less than traditional payment methods.

  • Comprehensive Support: More than 100 cryptocurrencies supported, including BNB, BTC, and USDC.

  • Secure and Instant: Real-time confirmations, 2FA, and encrypted transactions via the Binance app.

Behind the local settlement mechanism is DK Bank, Bhutan’s first fully digital bank. Licensed by the Royal Monetary Authority of Bhutan, it aims to deliver accessible financial services to all, including marginalised and unbanked communities.

The launch is being hailed as a bold step forward in integrating digital finance with global tourism — one that could set the benchmark for other nations looking to modernise the travel experience while empowering their local economies.

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