An Incolink Severance Account is the default account issued to workers and provides access to funds if employment is terminated for any reason.
Severance termination payments are taxed at the concessional tax rate.
Incolink Severance Accounts provide Incolink members an Initial Benefit and if they remain unemployed for more than four (4) weeks workers can claim their Balance of Funds.
A worker can make an initial claim when they become unemployed. A claim is made by:
- Logging into WorkerLink, select My Claims and complete the steps to lodge a claim.
- Completing the Initial Claim Form via Workerlink or downloading the form here and forwarding it to Incolink via fax, mail, email or in person
Your employer must confirm termination by one of the following methods:
- Logging into EmployerLink and terminating the worker so Incolink to process the claim.
- Completion of the Confirmation of Termination section of the claim form which bears the company stamp/seal by an authorised officer of the company.
- Providing a Separation Certificate completed and signed by an authorised officer of the worker’s employer and bearing the company stamp/seal.
- Providing a letter on company letterhead, signed by an authorised officer, confirming the date of the worker’s termination.
If a worker is still unemployed after 4 weeks, they are then eligible to make a claim for the Balance of Funds.
A worker can apply to withdraw the Balance of Funds left in their account after their Initial Claim has been paid, provided the worker meets one of the following criteria:
- They have been unemployed for four weeks and registered with either Incolink Job Support or Centrelink. If registered with Centrelink please provide an official document as proof of registration.
- Have not worked in the industry for 39 weeks; a statutory declaration must be completed and executed.
- Is retiring from active employment and is over 55 years of age; a statutory declaration must be completed and executed.
- Is unemployed and leaving Australia for more than two years; a certified copy of a current passport and copy of itinerary showing non-return flight must be provided as proof; a statutory declaration must be completed and executed.
To make a claim on any remaining Balance of Funds a worker will need to submit the Balance of Funds Claim Form.
If submitting with a statutory declaration, the original claim document must be posted or delivered in person to Incolink. Emailed or faxed copies will not be accepted.
Contact Incolink if you have any queries relating to your redundancy fund or claims.
Telephone: (03) 9639 3000