GESB Fees
There are no product fees charged to you for the administration, insurance and other running expenses of Gold State Super. West State Super, on the other hand, is competitively priced at under 1% per annum, with the total running cost determined by your underlying investment choice.
Are Gold State and West State unique funds?
Yes, both Gold State and West State are both untaxed, constitutionally protected funds. These are important facts to know as there aren’t many funds across Australia that offer these benefits.
Is there additional benefit if I have a pre-1983 service date?
If you have pre-1983 service (e.g. you started contributing to superannuation before July 1983), it is imperative that you receive professional financial advice to ensure you optimise your tax position inside your Gold State or West State funds. If the correct strategy is not followed, you may pay more tax than you need to.
What do these benefits mean?
Untaxed funds work differently to convention funds in that tax is not paid on any contributions or earnings that your fund receives while in the accumulation phase, instead this tax (15%) is deferred until the time you receive the benefit. As a result, you have 100% of your contributions and investment earnings compounding over your working life rather than 85%
Constitutionally Protected funds provide you with more favourable concessional cap limits as an employer, or personal deductible contributions are not counted in your concessional contribution cap. By effective use of these caps, you can both significantly boost your superannuation savings as well as reduce your income tax.
I’ve been told my Gold State is a Defined Benefit Scheme – what does this mean?
This means that your Gold State benefit is determined by a formula that includes your final average salary, years of service and average contribution rate. As a result, your final benefit is not impacted by markets or other investment returns.