GESB Superannuation plans
(GESB Gold State & GESB West State)
The GESB Gold State and West State funds are unique in nature due to the fact that they are Constitutionally Protected funds (CFP). CPFs are untaxed super funds that do not pay tax on contributions or earnings they receive. They are only operated by some state governments in Australia for their employees and are also often created for members of the judiciary. CPFs can be both accumulation style and defined benefit schemes.
Due their unique nature, it is important that if you are making a decision regarding contributing in, or rolling out of a GESB West State or GESB Gold State super fund, it is imperative you get financial advice from a qualified adviser first!!!
Too many times we have seen ex-government employees who previously held Gold State and West State plans, have been told to roll out of their west state accounts, not knowing that their are strategies to reduce the funds tax bill.
There are three GESB Super Funds
GESB Gold State: The Gold State fund is a defined benefit fund, meaning your superannuation benefit is not market linked and is backed by the Western Australian Government. The benefit amount is calculated on a formula, which equates to your "final remuneration" x "Service Multiple". As a Constitutionally Protected Fund, the fund is considered an untaxed scheme. This means that tax is not payable until you rollover or access your benefit. Gold State Super is closed to new members. More information regarding GESB Gold State Advice strategies can be found under the resources section of our site.
GESB West State: Unlike the Gold State fund, the Gesb West State Fund is a market linked account, meaning the balance is linked to its underlying investment strategy. It is also a CPF and untaxed, meaning that contributions tax is not payable on concessional contributions. This means that tax is not payable until you access your benefit or rolling out to another superannution account or a Self Managed Super Fund. One of the major benefits of the GESB West State fund is the Lifetime contribution limit, which is significantly higher than ATO imposed contributions cap applied to taxed super accounts (like the GESB Super account mentioned below). GESB West State Super closed to new members in April 2007.
GESB Super: Since April 2007, all new state government employees who nominated for the default government superannuation plan were placed into GESB Super, a taxed market linked accumulation fund. As it is a taxed fund, concessional contributions are taxed upon entry to the fund have ATO imposed contribution limits in line with ordinary superannuation funds.
Download our GESB Gold & West State Strategy paper
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Masters Degree in Applied Finance and Investment
Graduate Diploma in Financial Planning
Graduate Certificate in Australian Mig Law
Bachelor of Commerce(Business Law & Legal Studies)
Accredited Senior Financial Adviser
Accredited Self Managed Super Adviser
Registered Financial (Tax) Advisor
ASIC Authorised Rep # 344255