Genuine Redundancy Account
An Incolink Genuine Redundancy Account (GRA) enables workers to claim a genuine redundancy payment if their employment is terminated because their position is made genuinely redundant, at a nil or reduced tax rate.
Other situations where payments from an Incolink GRA may be claimed include permanent disability and death.
To select an Incolink GRA, workers will need to complete the Incolink Genuine Redundancy Account Application Form.
Casual employees are ineligible to apply for an Incolink Genuine Redundancy Account due to the nature of the terms of their employment.
An Incolink Genuine Redundancy Account:
- Can increase your after-tax redundancy entitlement.
- Will be paid out in its entirety when a claim is made.
- Has no fees.
- Must be selected PRIOR to being made redundant.
Please note there is a 14 day cooling off period.
Workers are unable to change your account type at a later date. However once you claim your Genuine Redundancy Account balance, and you commence working again, you will be automatically placed in to the default Severance Account unless you apply for the Genuine Redundancy Account.
Please refer to the Incolink Genuine Redundancy Account terms and conditions or please contact Incolink’s operations staff for assistance on (03) 9639 3000 or email:email@example.com.
Information provided by Incolink is of a general nature. We recommend you seek independent advice before selecting a Genuine Redundancy Account.