GESB Superannuation and GESB Advice
Goldstate Super
Goldstate is a benefit fund, meaning that the benefits you receive in retirement are based on a set formula that takes into account your salary, years of service, and other factors. Weststate is an accumulation fund, meaning that your benefits are based on the contributions made to your account, along with investment earnings.
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Weststate Super
Let’s dive into the tax benefits of GESB Weststate Super in Perth. Buckle up, because we’re about to unravel the financial magic behind this untaxed super scheme! 🌟💰
- The Untaxed Wonderland:
- Picture a land where taxes tiptoe around your super contributions and earnings. That’s GESB West State Super! Unlike most other Australian super funds, West State Super doesn’t whip out its tax wand and zap your hard-earned dollars.
- Contributions tax? Nah, not here. Investment earnings tax? Nope, not invited to the party. Your super account accumulates without these pesky deductions.
- But wait, there’s a twist: Tax isn’t gone forever; it’s just playing hide-and-seek. When you finally access your super (like a financial treasure chest), that’s when the taxman emerges from the shadows. It’s a delayed tax system—a bit like postponing laundry day. 🧦🕰️
- Concessional Contributions and the Tardis Effect:
- Most super funds follow the 15% tax rule for concessional contributions (think employer or salary-sacrificed contributions). But GESB West State members? They’re time travelers.
- Imagine your contributions stepping into a TARDIS (yes, like Doctor Who’s time machine). Instead of paying tax immediately, they journey through time until withdrawal day. Only then do they face the tax music.
- So, while your contributions chill in their time-traveling TARDIS, you get to enjoy tax-deferred growth. It’s like planting a money tree and watching it flourish.
- The WA Public Sector VIP Pass:
- West State Super is an exclusive club. Membership? Reserved for current and former WA public sector employees who already have a West State Super account. 🎩
- If you’re part of this elite crew, you’re sipping tax benefits like a fine wine. Just remember, when you finally retire or roll over to another fund, the tax bill arrives. But hey, delayed gratification, right?
If you’re a member of either GESB Weststate or Goldstate, regularly review your fund’s performance, understand your investment options and fees, and ensure that your contributions are adequate to meet your retirement goals.
Our GESB adviser specialists can help you understand your GESB superannuation options and help you make informed decisions about your retirement.
Wealthwise financial advisers have extensive experience in understanding and providing advice around the complexities of providing GESB advice on West State and GESB Gold State. If you are currently employed, or have been employed within the WA State Government sector and hold either of these funds, making contact with a Wealthwise financial adviser will ensure you are maximising the opportunities available to you.