How do I claim tax free?

In the event of genuine redundancy, you will be able to claim funds from your Incolink Account at a nil tax rate (up to the tax free threshold). Your employer must declare to Incolink that genuine redundancy as the employment end reason. 

If your employment ends for any other reason, you will still be eligible to claim your entitlements at the applicable tax rates.  

The initial claim limit outlined in the table below applies to Genuine Redundancy and ETP Claims.  

Reason for Claim	Staged Payments Limit	Tax applicable on claim
Genuine Redundancy	$8,000	Nil up to the tax-free threshold*
Termination	$8,000	32% or 17% if reached age-pension age^
Resignation	$8,000	32% or 17% if reached age-pension age^
Promotion ‘off the tools’	$8,000	32% or 17% if reached age-pension age^
Retirement	$8,000	32% or 17% if reached age-pension age^
Leaving Australia	$8,000	32% or 17% if reached age-pension age

^*Tax free thresholds for Genuine Redundancy Payments are set by the ATO and is calculated based on several unique factors including years served with employer. Incolink recommends members seek independent financial advice when making a genuine redundancy claim. Tax rate applied to amounts above the tax free threshold is 32% or 17% if reached preservation age^{^}. 
^{^}The age-pension age is set by the ATO and is a sliding scale based on date of birth. Please refer to the ATO website for information regarding the preservation age.