June 2000 Volume 81 Number 6 "serving the protectors"
Police Super Update
By Michael Hogg

Goods and
            Services Tax (GST)

he Commonwealth’s new goods and services tax (GST) will come into effect on July 1, 2000.

For serving members of the Police Superannuation Scheme, the GST will have no effect on member contributions or retirement benefits. The GST will increase the administration costs of the scheme which will have a minor impact on end-of-year and exit crediting rates of return. Crediting rates of return only affect members who resign from SAPOL aged under 50 and who elect to receive a cash withdrawal benefit.

For retired members and spouses, new personal income tax thresholds and income tax rates will come into effect from the first pension payment in July 2000. Retired members and spouses, as self-funded retirees, may be eligible for one or both of two one-off payments from the Commonwealth:

• a Self Funded Retirees Supplementary Bonus; and/or
• an Aged Persons Savings Bonus.

For information regarding the eligibility criteria for these one-off payments for self-funded retirees call the Tax Reform Infoline on 13 61 40. Information is also available from www.taxreform.ato.gov.au

Member Superannuation Contributions

In line with normal practice, members’ fortnightly superannuation contributions to the Police Superannuation Scheme has been reviewed on the basis of their superannuation salaries as at March 31 2000.

Your superannuation salary is the salary of your highest rank and increment actually attained in a permanent position within SAPOL during your service. Your new fortnightly superannuation contribution deduction, based on your superannuation salary as at March 31, 2000 will commence from the first pay period in July 2000 (12 July 2000). If your salary has changed (eg promotion) since March 31, 2000, your fortnightly superannuation contribution will not be affected until the next review in March 2001.

Member Information

The Police Superannuation Board has a new website which is now available for members to obtain information relating to the Police Superannuation and Police Occupational Superannuation Schemes.

For information regarding superannuation contact the Police Superannuation Office. Group information sessions can be arranged upon request. Phone: 8204 2964 or 8204 2965. Fax: 8204 2303. Email: polsuper@adelaide.on.net

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