Taxation

Everything you need to know about how tax effects your benefit can be found on our website.

Providing your Tax File Number

The provision of your Tax File Number for superannuation benefits as governed by the Australian Tax Office (ATO) can have a significant effect on your benefit. Read more.

Concessionally taxed benefits

On 29 June 1995 the tax status of benefits paid by the former State Superannuation Fund (SSF) changed from untaxed to taxed. In effect the Scheme pays tax on employer contributions and less tax is payable on lump sums.

Consequently members' lump sum benefits were reduced by applying tax reduction factors. However the net benefit either remained the same, or, as was the case for the majority of members, was increased.

As the Scheme did not commence paying tax on contributions until 1 July 1988, no reduction factors apply to entitlements prior to 1 July 1988.

The reduction factor applied to a lump sum, takes into account factors such as the benefit entitlement, your eligible service date, and your service history.

Pensioners are only eligible for the 15% tax offset if they are:

• Permanent Disability retired,
• receiving a Partner/Children's pension, or
• receiving an Age Retirement Pension (due to transferring from the Revised Scheme between 1988-1990 or having transferred from the SERB Scheme).
  

For current details on the thresholds for concessional rates of taxation payable on lump sums, visit the Australian Taxation Office website at www.ato.gov.au

Contributions tax

The way in which contributions are taxed, are dependant on the tax status of the fund. Read more.