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What to consider when starting a new job

June 3, 2025 By Nicole Heales

You’re through the application and interview, but what else do you need to consider when starting a new job?

New jobs may come with an increase in salary and/or benefits. Here are some key financial areas that you may need to assess when you move on to your next role.

Medicare Levy Surcharge (MLS)

If your taxable income rises above $90,000 and you don’t have private hospital cover, you may need to pay the Medicare Levy Surcharge (MLS). This is an additional tax designed to encourage Australians to take out private health insurance and ease pressure on the public system. Before committing to a health policy, it’s worth comparing the cost of private insurance with the MLS you’d pay without it.

Income Protection Insurance

Have you ever noticed that your spending increases in proportion to your income? This phenomenon is known as ‘lifestyle creep’, and many people fall prey to it. This is why it’s worth considering how you’d maintain your financial commitments if you were unable to work due to illness or injury. Income protection insurance provides monthly payments after your chosen waiting period to help you manage bills, rent or mortgage repayments if you’re out of action for a while.

Mortgage and investment strategy

An increase in income is a great time to reassess both your mortgage and investment plans. Making more frequent mortgage repayments can help you pay off your loan faster and reduce interest, while reviewing your investment strategy ensures it still aligns with your goals. You may be able to invest more, diversify your assets, or begin building wealth.

Superannuation

Changing jobs is an ideal opportunity to review and update your super. Consider consolidating your super accounts so you don’t end up paying fees twice. You might also like to explore other options – ethical investment funds or those offering comprehensive insurance like life, TPD or income protection cover.

Salary packaging or novated leasing

Some employers offer salary packaging options, such as sacrificing part of your salary for a car lease, additional super contributions, or other benefits, which can potentially reduce your taxable income. If available, these options could enhance your take-home pay or boost long-term savings.

I can help you update your financial position when you change jobs so that you have reassurance you are making the best possible use of your income. I can also help you put protections in place to keep life going for yourself and your family, even if you’re unable to work for a time. Book a time to chat, and we’ll talk over what’s best for you.

Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it, you should consider its appropriateness for you, having regard to those factors. Before making any decision about whether to acquire a financial product, you should obtain the Product Disclosure Statement.

Financial Planning, Lifestyle, Money Management, Superannuation, Tax

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