If you have a GESB super account you could potentially save thousands by reducing your income tax and capital gains tax contributions. Even if you only worked for the Government for a short time you could still have a GESB super account.
GESB super has unique tax treatment with significant financial benefits- but it’s crucial to get the right advice at the right time though as the ‘times are a çhangin’ and the WA state government has recently passed legislation that could see the transfer of your GESB account to the Australian Taxation Office (ATO).
This could potentially mean you could lose the ability to utilise their unique tax treatment, and waste tens, and maybe hundreds of thousands of dollars in tax you otherwise would not have to pay.
Under this legislation any GESB West State Super and GESB Super accounts with low account balances and/or lack of recent contributions, would be closed and moved to the ATO.
You will never get your GESB West State Super account back if this does occur as it is now a closed superannuation scheme!
You may not have thought that this would be of detriment to your financial situation, however losing this account could cost you the opportunity to save thousands of dollars in tax every year.
GESB West State Super is a unique scheme (one of only 2 in Australia) with significant financial benefits. We have assisted clients in significantly reducing their income tax and capital gains tax employing very specialist financial advice strategies specific to their West State Super accounts. Losing these accounts would have made these tax saving strategies impossible.
If you, or anybody you know, have previously been employed by a WA state government department, or have ceased contributing to your GESB account, please contact us immediately on 9323 3000. Acting now can substantially reduce your tax over your entire working life.
Our advice team have specialist knowledge on how to save you money and will be able to identify the best way to structure your personal finances to save you money.