The Incolink Redundancy Account enables all worker members to claim their entitlements at a nil or reduced tax rate if made genuinely redundant. 

Your employer will declare to Incolink the reason for your employment ending and we apply the appropriate tax rate at the point of claim. The below table provides a summary of reasons you might need to claim and the tax rate that applies.

Claim Online

Incolink has made it easier for you to claim online using WorkerLink or the Incolink App. Simply register or login to WorkerLink and follow the prompts via Quick Links or the My Claims menu to lodge your claim. To claim via the Incolink App, simply head to the App Store or Google Play Store, install the latest version of the app, login and follow the prompts to claim. 

Our online claims process takes information already stored in your Incolink account to reduce the steps required to claim. This makes claiming your money fast and easy for when you need it most. 

Claim Types, Staged Payments and Applicable Tax rates 

Claims are made in monthly stages up to the Staged Payments Limit. Once and initial claim is made, you will be able to request additional payments up to the limit every 28 days. Payments will remain available as long as you remain eligible to claim and funds remain in your Incolink Account.

Reason for Claim Staged Payments Limit Tax applicable on claim
Genuine Redundancy $8,000 Nil up to the tax-free threshold*
 Site Closure or forced to self-isolate due to COVID-19#  $2,000  32%
Termination  $8,000  

32%  

or 

17% if reached preservation age^

Resignation  $8,000 

32%  

or 

17% if reached preservation age^

Promotion  
‘off the tools’  
 $8,000  

32%  

or 

17% if reached preservation age^

Retirement  $8,000   

32%  

or 

17% if reached preservation age^

Leaving Australia  $8,000

32%  

or 

17% if reached preservation 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^. 
#Eligibility criteria apply to Incolink COVID-19 Payments. Please read the criteria to ensure you are eligible before making a claim.  
^The preservation 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.

Staged Payments and Genuine Redundancy

What happens if I am made genuinely redundant, I claim an initial $8,000 and then find a new job? 

We've created some case studies to illustrate this scenario: 

Scenario A – Worker remains out of work after claiming

Worker A has an account balance of $20,000 and is made genuinely redundant. 

Worker A makes a genuine redundancy claim and receives their first $8,000 payment. This leaves $12,000 in their Incolink account. 

28 Days after the initial claim, Worker A finds themselves still without work and claims an additional $8,000 payment from their Incolink Account. In another 28 days, Worker A can claim the remaining $4,000 in their Incolink account.  

Scenario B – Worker finds work outside the industry after claiming

Worker B has an account balance of $24,000 and is made genuinely redundant.  

Worker B makes a genuine redundancy claim and receives their first $8,000 payment. This leaves $16,000 in their Incolink account 

1 week later, Worker B finds a new job outside of the industry meaning they are no longer receiving Incolink contributions. 

Worker B has 2 options regarding their remaining balance: 

  • Option 1 -  28 days after the initial claim, Worker B decides they would like to continue receiving their redundancy payout and claims an additional $8,000. This leaves $8,000 in their account which they can claim in another 28 days time.  
  • Option 2 - Worker B decides that because they're earning an income, they'll keep some funds in their Incolink Account for when they need it most.  

Scenario C – Worker finds work outside the industry after claiming

Worker C has an account balance of $16,000 and is made genuinely redundant.  

Worker C makes a genuine redundancy claim and receives their first $8,000 payment. This leaves $8,000 in their Incolink account 

1 week later, Worker C finds a new job inside the industry meaning they are receiving Incolink contributions again. 

Worker C has 2 options regarding their remaining balance 

  • Option 1 -  28 days after the initial claim, Worker C decides they would like to continue receiving their redundancy payout and claims an additional $8,000. This brings their original balance to zero. Even though Worker C will have new contributions made to their account, they will be unable to claim any new contribution made after their original end employment date 
  • Option 2 - Worker C decides that because they're earning an income and receiving contributions again, they'll keep the remaining funds in their Incolink Account for when they need it most.