Changing Jobs

When changing jobs people often consider the employment conditions (i.e. salary, bonus, holidays, hours) when evaluating whether a move is worthwhile. Often though there are hidden consequences which can be quite significant.

Have you thought about:

• Whether salary packaging is available, effectively meaning a portion of your income is tax free?
• Holiday and penalty rate entitlements?
• What to do with your Annual Leave or Long Service Leave with your existing employer?
• Employer Superannuation Support – how much will your new employer contribute towards your superannuation?
• Defined Benefit Scheme membership? By changing jobs members of a defined benefit scheme may risk forfeiting future growth of their defined benefit scheme, or in some circumstances their benefits may even reduce.

If you are changing your employment in the lead up to your retirement, talk to a Health Super Financial Planner to discuss how this change may affect your income, superannuation, tax situation and goals.