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Federal Government passes Fair Work Amendment Bill

The Federal Government has finally passed the Fair Work Amendment bill, which includes both minor and major changes to industrial relations law.

Some of the key changes:

– Unfair Dismissal. The big issue for small businesses is that the new legislation has extended the unfair dismissal application to 21 days.

– Fair Work now has more power to strike down applications for award rate changes that have no reasonable prospects for success.

– There are some major changes to the role of unions, with Fair Work ruling that bargaining notices have to be more specific and that union officials can no longer be a bargaining representative for employees that do not belong to that union.

-There are also a few key changes to enterprise agreements, with clauses that allow employees to ‘opt out’ now prohibited. As well the act now bans anyone from making an enterprise agreement with just one employee.

Posted on 30 November '12 by , under General News.

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Transition to retirement

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

  • Starting a TTR pension: To start your TTR pension, transfer some of your super to an account-based pension. You have to keep some money in your super account so that you can continue to receive your employer's compulsory contributions as well as any voluntary contributions you may be making.
  • Government benefits and TTR: The benefits you or your partner receive might be impacted if you choose to opt for this strategy. How and what exactly will change might become clearer upon discussing this with a Financial Information Service (FIS) officer.
  • Life insurance and TTR: In some cases, the life insurance cover you have with your super may stop or reduce if you start a TTR pension – check this before making any decisions or changes.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.

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