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New fund provides tax rebate for SA Gov. employees
A second South Australian government employee super fund has been established to allow members to claim the Federal Government's low-income earners' super tax rebate.
Super SA Select was launched for SA government employees who earn under the $37,000 low-income earners' threshold and who choose to take advantage of the rebate which was introduced in July 2012.
As Super SA is an untaxed super fund, the Australian Taxation Office could not legally refund the 15 per cent to Super SA members who met the low-income earners' criteria.
SA government employees were unable to claim the tax offset as they had no choice of fund.
SA Minister for Finance and the public sector Michael O'Brien has appointed the board of Super SA as the initial board for the new fund.
The trustee, the Southern Select Super Corporation, is separate from the Super SA trustee, and has been charged with creating a trust deed to administer the fund.
Members who choose to switch into the new choice fund would not be able to return to the untaxed Super SA Triple S scheme.
The government employees' fund recently recorded 200,000 members and $11 billion in funds under management, claiming to administer super accounts for almost a quarter of the working population in South Australia.
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