GESB West State and
Gold State Super

Written by Ray Ong

GESB West State Super and Gold State Super are unique super funds. They are “constitutionally protected” and untaxed super funds. If you have one of these accounts it pays to get professional financial advice to ensure you take advantage of opportunities that are unique to West State and Gold State members.

Gold State Super is a defined benefit scheme, which makes it even more unique. The account balance is not linked to investment markets, but rather it’s based on a formula that consists of your salary, contribution rate and years of completed service.

Have you considered the following?

Should you have your employer contributions paid to a non-GESB super fund?

What are the advantages of having your employer contributions paid to GESB?

Will you have a problem with the untaxed plan cap?

Can you take advantage of GESB Gold State member contribution strategies?

Do you have a Pre-1 July 1983 service date which can be used to maximise your tax-free component? Can you maximise tax deductible contributions to West State Super to reduce your income tax? Special limits apply to West State Super that are unique to members.

Are their strategies to reduce capital gains tax from the sale of investment properties, shares etc. using your West State Super account?

What are the consequences and implications of a lump sum withdrawal versus a rollover of West State/Gold State?

Are you converting your West State and Gold State to appropriate income streams for retirement?

Should you convert your Gold State Super to a non-market linked income stream at retirement?

Where does your GESB West State and Gold State benefits sit in the context of your overall retirement plans?

What’s the impact of your GESB West State and Gold State benefits on the age pension?

Remember, this advice is general in nature and does not consider your particular circumstances.

Meet the founder: Ray Ong

Ray is a CERTIFIED FINANCIAL PLANNER® with over 15 years of experience. He has a passion for helping people of all backgrounds make smart and meaningful decisions with their money. His mission is to make these services accessible to the majority (not just the minority) — to replace the intimidation and fear of wealth management with freedom.

In his spare time Ray enjoys playing guitar, reading a good book and spending time with his wife and three kids.