How to minimise tax burden after being made redundant
After being in my role for 5 years I’ve recently been made redundant. I’ll receive $100k post tax and need to exercise $40k worth of employee shares (that will get taxed at the end of the FY).
We have a home loan of $535k with an offset of $95k.
I’m lucky to be going straight into another role so I’m trying to work out if there are smart ways we can manage this influx.
We would like to keep $50-60k for a rainy day. Invest some for our kids to help them with a home loan in ~20 years and plan to sell our current home and upgrade early in the new year so will need $70k for stamp duty and moving costs etc.
NB I haven’t made any additional super contributions to mine or my wife’s super but I don’t love the idea of those funds not being liquid if we needed them earlier (ie high school fees).
Salary is $210k.
Any ideas would be welcome.